Business Insurance Information for Emerging Growth Companies
Written by Dave Lavinsky on Thursday, September 17, 2009
The other day I was given a badly-needed, private webinar by John Moccia, Technology & Venture Capital Practice Leader at Rollins Insurance, which is a member of TechAssure.
John has been working with venture capital firms and emerging ventures for many years to make sure they are properly protected. And he was gracious enough to give me a private presentation (which we recorded as a video) regarding the insurance needs at the four key stages of an emerging company's lifecycle:
Stage 1 - Formation/R&D
Stage 2 - Growth Phase
Stage 3 - Mature Company/IPO
Stage 4 - Public/Fully Developed Company
I think all of you will find tons of value in this presentation, particularly as it relates to Stage 1 and Stage 2, where most of you currently are.
John went through each of the key types of insurance that entrepreneurs need during these phases. He discussed numerous types of insurance that you must be aware of, including:
• General Liability
• Property Coverage
• Business Interruption Coverage
• Workers Compensation & Disability
• Errors & Omissions
• Directors and Officers Liability
• Crime Coverage
• Global Companion Policy
• Employee Benefits including medical, dental, 401k, life and disability coverages
• Key Man Life Insurance
Importantly, John not only talked about what each of these insurance policies are, but he explained when you need them and when you don't, and gave great tips regarding finding the right insurance policies for your company (and what to look out for).
Now, I'll be the first to admit that buying insurance for your company is not the most important part of being an entrepreneur. But getting the right insurance is part of being a sophisticated entrepreneur.
And in fact, several types of insurance are required when reaching key milestones such as getting your first office, raising capital, and expanding geographically. So, it's important to understand the key insurance issues and plan accordingly.
You can watch the video below:
If you need to contact John or Rollins, his contact information is on the last slide of the video.