The Top 4 Insurance Products Your Startup Needs

Due to the fast pace of a business startup, many entrepreneurs overlook the insurance products needed to protect their growing Niles, IL company. Not only do you need insurance coverage to protect your assets in the event of a claim, but insurance coverage is also, in itself, a company asset that needs to be properly utilized. Before you speak with a Bob Korvas Agency Inc. agent about your insurance needs, familiarize yourself with the following four important business insurance products. 

First-Party Property Insurance 

This type of insurance policy is critical for any startup with significant infrastructure — including tech companies – because it protects against damage to the servers themselves. Additionally, you can add business interruption coverage to your policy to cover any loss due to an event that causes downtime to repair or replace the equipment.  

Comprehensive General Liability Insurance (CGL) 

The most valuable thing about Comprehensive General Liability insurance is that if claims are brought against you, your staff, or your business it requires that your insurance company provides or pays for your company’s legal defense.  

Comprehensive General Liability insurance will protect your company assets if a claim is brought for alleged: 

  • Property damage  

  • Personal property  

  • Third-party bodily injury 

  • Advertising injury 

Employment Liability Insurance 

Employment liability insurance is not the same as the worker’s compensation insurance required by a state, but it can be purchased as part of a package that includes it and other insurance coverage. Discrimination claims are expensive to litigate and settle. With Employment liability insurance, your startup will ensure that in the event a claim is filed for gender, age, nationality, ethnicity, race, or sexual orientation discrimination its defense will be provided or paid for by your insurer.  

Cyber/Media Insurance 

Given the surge of high-profile hacking events in the business world recently, the need for cyber insurance has never been more clear. Cyber/Media insurance policies provide both indemnity and defense coverage, and can often be expanded to include crisis management, services for compliance, and disclosure and regulatory notice and requirements, once an event has occurred. 

For more information about how each insurance product can cover your startup and protect your business assets call the Bob Korvas Agency Inc. today or stop by our Niles, IL office to speak with an agent in person. 

Life Insurance: A Plus for Singles

If you’re waiting until you’re married or have a family before considering a life insurance policy, you could be missing out. Life insurance from Bob Korvas Agency Inc. in Niles, IL can be just as beneficial to singles as it can to couples with children. Here are some of the benefits you stand to gain by purchasing a life insurance policy while you’re young and single.

Save Money

Buying life insurance when you’re young and healthy can save you a substantial amount of money as the older you get, the more costly your policy. If you get married and start a family, later on, you’ll have a life policy in place to protect your spouse and children.  

Pay Debts

Life insurance benefits can be used to pay off your debts if you were to suddenly pass on. That way no one has to assume this responsibility after you’re gone. If your parents co-signed student loans for you or you took out a mortgage with a significant other, you don’t have to worry about leaving them with these debts upon your unexpected demise.

Support Loved Ones 

Life insurance benefits can be designated to provide financial support to elderly parents or younger siblings after you’re gone. If you’re helping loved ones financially now, you can have peace of mind that this help will continue in the event you were to suddenly pass on.   

Pays Funeral Costs

If you’re like most singles, you’ve probably made no arrangements for your funeral in advance. Life benefits can be used to cover your funeral costs, freeing your loved ones of the financial burden during this difficult time in their lives.

To learn more about life insurance options, benefits and policy costs, contact Bob Korvas Agency Inc. in Niles, IL today.