Start-ups are the new entrepreneurial trend nowadays. People are starting to follow their ideas out into the world more freely, feeling more inclined to pursue their own business model than latch on to a management position with someone else’s. An idea develops in their mind and they begin to follow it regardless of whether doubts are cast or not.
Whenever an idea is put into reality, the insurance of the idea also becomes a very important component. There are numerous forms of financial insurance that a new company needs to pursue, the most important being general liability insurance because this protects you from a number of disparate risks, including patent infringement, worker injury, and infrastructure damage. But not every company takes these precautions. Below we are presenting 5 startups who have recently jumped onto the business scene who are protected by insurance:
The first start-up company that is under consideration is “Neverware”. Its founder is Jonathan Hefter. What you can do through the software developed by this company is that you can use the old hardware and run the latest software and OS on it, all done through the cloud. This is very cost effective for schools and colleges which cannot afford upgrading to all the latest hardware at once. The salient fact about “Neverware” is that they excel in what they do and have managed to get themselves insured and funded as well.
Next we have Kohort, which has impressed quite a few people lately. With a barrage of social networks, this one is specifically designed for groups. You can say that it is a mate of Facebook and Evite. The functionality is great and the founders (Mark Peter and Steve Blood) have really done a good job in balancing social media optimization with practical business needs. Their business structure is solid and they have gone for a sound insurance strategy as well.
Tutorspree has been successful as a study Internet-based start-up. The founders have really kicked off well with the idea. The beauty is that they have placed high quality tutoring relationships at the fingertips of educators and students who need them in a way that is easy to navigate. Founded a couple of years ago, they have been able to raise a million dollars in venture capital and are doing well with insurance too.
We have talked about strong insurance policies a lot and this is specially the case for BillGuard. This is a start-up which has tackled the issue of credit card-based frauds. You can consider it the antivirus for bills and related things.
In the extension of the themes that we have been talking about, JIBE is also a savvy startup. It is a targeted recruiter business and combines all the good features from other similar sites into one. The interesting element about this set up is that its founder was very stringent on getting his insurance structure set up in an organized way early on in the evolution of the business. So, it has become a sort of hall mark for his startup.
By reading the above-mentioned examples, it can be seen why general liability insurance is important for a startup business. All these companies had seed capital from which to make their original investments. Insurance is a prerequisite for the initial financial moves of your start-up.
Anna Hicks is an online writer who focuses her writing on personal finance, business, and sometimes career. Anna’s normal writing topics include finance applications in business or even things as simple as family finance. You can read more writing by Anna at her personal finance website, paidtwice.com
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Category: Startup Advice