When you first start a business, you know that you are eventually going to have to invest in a commercial insurance policy. But when? For some businesses, the answer is: right away. If you’re investing in a restaurant venture, for instance, then you need to make sure you’re fully insured from the start. On the other hand, if you don’t have a physical location in Tuscaloosa, AL for your software startup, if it’s just you and a friend writing code in a garage, when do you call TCU Agency about a commercial policy?
A basic rule of thumb for buying commercial insurance: You don’t absolutely need coverage until your business consists of more than you can comfortably afford to lose. If your business consists solely of a laptop and a half-finished phone app backed up on a dozen thumb drives and cloud servers, there’s not much need for commercial insurance just yet.
But, you might need a commercial policy a lot sooner than you think. Once a month in the early days of your startup, you should take stock of your assets. You can build an office faster than you think. You might have one camera and a green screen for your home video studio, but that quickly becomes several cameras valued at a few grand, top of the line audio equipment and a high-powered PC for doing CGI and video editing.
You want to add all of that up, look at the total, and ask yourself: If all this stuff gets damaged in a flood or a fire or something, can I replace it on my own dime?
If the answer is no, give TCU Agency a call and ask about commercial policies for your Tuscaloosa, AL business.