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Getting Business Insurance for On-Demand Startups
Update: We’ve released a new whitepaper examining the Sharing Economy industry. We dive into the insurance landscape, legal climate and how to approach risk management for companies in this sector. You can download the report here! The on-demand economy is ever-growing and we work with new startups in the space on a daily basis.
Top Reasons Your Startup needs Product Liability Insurance
Product liability insurance is an extremely important piece to the risk management puzzle, particularly for startups that sell a tangible product. Usually included in a General Liability policy (though sometimes offered standalone), product liability insurance protects your company from lawsuits related to bodily injury or property damage caused by product defects. Whether you’re e-commerce or
Best HR Practices for Your Startup
This is a guest post from Amy Klimek, VP of HR at ZipRecruiter.com. Startups cannot run their businesses the way established companies can. Established companies leverage their name and stability to attract the best talent in the industry. Your startup does not have an established name or track record of stability, but you do have other principles
The Business Insurance Renewal Checklist (for Startups)
Business insurance renewals are usually uncharted territory for a young startup. Typically, venture-backed startups experience significantly more change/growth year over year compared to your standard new business venture. It’s important to understand how this affects your startup’s insurance coverage and how to ensure you’re properly protected. Here’s the “checklist” of items to be aware of as your policies renew.
The 2013 Target Data Breach: Insurance Coverage Recap
Retail Giant Target was hit with a massive data breach incident during the holiday season of 2013. We posted a few articles outlining the severity of the breach and speculating on how cyber insurance may be their lifeline. Here’s a quick follow up on the claims the company has seen since the incident. VentureBeat recently reported that
Startup Risk Tips: Don’t Let Your Business Insurance Lapse
Sometimes things don’t go quite as planned and your company ends up a bit more cash strapped than anticipated at year end. The typical gut reaction is to pull the rip chord and cut any and all “extraneous” expenses. Insurance is considered by some to be one of those expenses. Here’s why you shouldn’t be quick
Year in Review: 2014 Cyber Attacks (What Startups Should Know)
2014 Cyber Attacks Reviewed For the last four years, cyber risk management firm Net Diligence has done a report on cyber insurance claims for the year…and 2014 has been a hell of a year for cyber attacks. This year’s report has been published and has some very interesting findings pertaining to the startup community.
Meet Priori Legal: Connecting Startups to Trusted Lawyers
We’re all about teaming up with great startups on a mission to help the startup community excel. Priori Legal is one of those awesome companies. This guest post will introduce the company and shed a little light on the kind of advice they’ll be sharing on our blog.
Intellectual Property Insurance – What Startups Need to Know
Intellectual Property Insurance + Startups Intellectual property is a big topic for the startup community. With modern patent trolls, content syndication, and intellectual property law reform, the topic can be confusing at minimum. Many founders look to insurance to mitigate this risk – and properly so – as there are many insurance products out there
2 Sneaky Ways Business Insurance Adds Value for Startups
Subtle Value-adds: Business Insurance It’s easy to think insurance is surplus when the company is just getting off the ground. In the grand scheme of to-dos, insurance should probably fall by the wayside to goals like acquiring users, making money, building a minimum viable product, or finding investors. Many entrepreneurs view purchasing e-commerce insurance as
Office-Sharing Can Save Startups. Here’s How.
By now we are all acclimated to the sharing economy model. We share our cars, our homes and our dog sitters. Sharing your office may not be the first thing that comes to mind as the next sharing economy service, but it should be, especially if you’re a startup. It might even save your
The “Dos” &”Don’ts” of Buying Startup Company Insurance
Buying startup company insurance can be a daunting task. The insurance market is fragmented and there is no shortage of products out there. The industry is not exactly tech savvy either, and many brokers still employ tools as archaic as fax machines in their practices. Just finding where to start can be a hassle! Discover
Startup CEOs & Cyber Security: Track your Tech!
Why startup CEOs should care about cyber security The data breach that Target suffered around Thanksgiving last year has finally worked its way up to the top of the organizational totem pole. A couple of weeks ago, Target’s CEO Gregg Steinhafel lost his job a result of the cyber security shortcomings that cost the company a ton
Startup Internships: What Founders Need to Know
**This is a guest post by Scott Smedresman of Sorin Rand.**
Startups + Weed + ? = Profit
It’s no secret that marijuana is going mainstream in America. The size of the illegal drug market in the US is estimated at anywhere between $200 and $700 billion. The legal marijuana trade has already cracked into that number with an estimated market of $1.43 Billion in 2013 and projections hitting $2.34 billion in
How a Startup Insurance Policy is Born
At Founder Shield, we pride ourselves on getting our clients in front of underwriters immediately. But as we present our clients to underwriters for quoting, we get a lot of questions about what’s going on under the hood. To clear the air, here’s a quick and basic overview of the process and to tools
EPLI Risk Exposure Checklist for Startups
Last week we posted about the importance of Employment Practices Liability Insurance (“EPLI”) for rapidly growing startup companies. If you read that post, it should be pretty clear why there’s so much risk exposure related to employment practices. I wanted to follow up that post with a quick EPLI risk exposure checklist for startups. Here’s
Does EPLI Insurance Matter for Startups?
We place a lot of D&O coverage for our clients because it can be vital to startups for several reasons. D&O Insurance is only one piece of the overall Management Liability puzzle. The other big piece is Employment Practices Liability Insurance (“EPLI”). This post will answer two important questions: what is EPLI insurance, and
Why Startups Should Care About the New US Cybersecurity Framework
With potentially 70 million effected by the recent Target data breach, the US government thinks it’s time to talk about the elephant in the room for the tech world: Cybersecurity protocol.
What Startups Need to Know About Business Interruption Insurance
What is it? At a very high level, business interruption insurance (“BII”) protects the insured when business operations are interrupted (no, really?!). Typically this coverage is paired with others, including General Liability and Cyber Liability.
One Trade Agreement Startups Should Know About
Venturebeat originally posted about this earlier this week and we thought it was an important one to be aware of. Unbeknownst to most, a new trade agreement between the Trans Pacific Parternship (the “TPP”) has been in development for almost a year now. The TPP consists of the United States, Mexico and a handful
Startups: Don’t Overlook Key Man Insurance
We usually talk about key man insurance with our clients in the wake of a freshly closed round of institutional funding. Investors typically make their portfolio companies get key man insurance to protect their own cash. They realize that at most startups, the team is the company. It takes a truly phenomenal team to guide