What Types of Startups Should Opt for: Randi Glazer

It is a fact that every business needs to be protected to protect the company from the unpredictable nature of life, and there are some types of that are indispensable to virtually any business owner, including startups. Things won’t always go perfectly at your business, but Randi Glazer, expert consultant with RM Global Risk Management, LLC. Shares a few types of coverage that will help ensure a start-up is covered. Randi says liability is something every business needs. A liability policy provides you with both legal and financial assistance if you, one of your employees or one of your products are alleged to have caused bodily harm or property damage. Rates will depend on the activity at your startup. Premiums for a general liability policy can be expensive, but the costs of settling a legal matter without liability can far exceed any premiums paid.

Randi suggests for most clients getting professional liability or Errors and Omissions. This type of service covers damages and legal defense stemming from improper rendering of professional services.

Randi Glazer also suggests start-ups obtain propert. It is important to remember that the property of your business also requires protection. If a start-up owns their own facilities or has valuable equipment that would affect the business if something should happen to it then property is a worthwhile investment. Randi notes that a property policy can protect your business from losses related to fire, theft, smoke damage and vandalism. Many business owners combine property with business interruption, which provides for the lost income stemming from the unavailable equipment.

Lastly, another key policy every startup should look into is worker’s compensation. Randi Glazer notes that in many jurisdictions, it is the law to have worker’s compensation available. This type of provides an employee with medical benefits and wage replacement if an injury occurs in the workplace. This also protects the employee from taking any legal action against the business. Any business with employees who earn a standard taxable wage must have a policy. Randi notes that penalties for non-compliance vary, but are generally severe.

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About Randi Glazer

Randi Glazer is a senior underwriting professional who has a track record of building profitable books of business.
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