When Starting a Business, Consider the Liabilities

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But getting insurers on board wasn’t easy. He contacted five companies before finding one that would sign him on. Mr. York had to demonstrate that he could strap down the equipment in the van to reduce the risk of road accidents and that his certification as a personal trainer reduced the chance that clients would be injured.

Initially, he tried to save money by not insuring his equipment, thinking that it would be safe while locked in a van. Nevertheless, after one van was vandalized in 2014, he started insuring the equipment as well.

Insurance to cover liabilities is often an afterthought for many start-ups, but it should often be at the top of the list. A manufacturing defect, an injury to an employee or customer, or even a hacker breach of a payment system or website could lead to a lawsuit and kill a budding start-up.

“Sometimes a…

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