Checklists / Business
Small Business Startup Insurance Checklist
New businesses tend to either overbuy (sold by an aggressive broker) or underbuy (skipping coverage to save cash). Here's what's actually required.
Day-one coverage
- General liability ($1M/$2M minimum)
- Professional liability if you give advice (E&O)
- Cyber liability if you handle customer data
- Workers' comp the moment you have an employee (legally required in most states)
- Commercial auto if any vehicle is used for business
If you have a physical location
- Commercial property
- Business interruption
- Equipment breakdown
- Outdoor signs
- Inland marine for tools / inventory in transit
Industry-specific
- Liquor liability (food/bev)
- Garage keepers (auto-related)
- Errors & omissions (consulting/tech)
- Product liability (manufacturing/retail)
- Employment practices liability (5+ employees)
What you can usually defer
- Directors & officers (D&O) — until you raise outside capital
- Key person life insurance — until revenue depends on one person
- Crime / employee dishonesty — until you handle cash