Having discussed insurance requirements startups need to comply with and important points on why having insurance covers is vital for your startup, it is also important to highlight the varying types of insurance covers for tech startups you should consider as a startup.
Types of Insurance covers For Tech Startups
1. General liability Insurance
Just as the name implies, this covers a wide range of liability claims that may affect your startups.
2. Vehicle/Motor Insurance
Startups may consider vehicle insurance policies for their company vehicles and machineries as well as those of their employees.
3. Health Insurance
This is vital. Startups need to undertake insurance policies particularly for their employees to remain competitive in the market.
4. Property and hazard Insurance
You would not want to lose all your property and material investments to hazards like fire outbreaks and other potential damage. This is really important especially for startups seeking to scale and expand.Importantly, it is necessary to seek quality advisory on these matters to identify mandatory and expedient insurance covers your startup need to undertake.
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References
Victor Mbonu, “4 Insurance Covers Every Nigerian Business Needs” available at https://articles.connectnigeria.com/4-insurance-covers-every-nigerian-business-needs/amp/ accessed on September 28 2023
Lewis Hower, “Startup Insurance; Everything Founders Should Know About Protecting their Company” available at https://www.svb.com/startup-insights/startup-strategy/startup-insurance-guide-for-founders accessed on September 28 2023
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