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Hello to all-
I am a new member to the site so if this is posted in the wrong area please forgive me.
I am in the startup process and I will have a need for insurance.
I will be having customers using equipment and they will be able to injure themselves. The customer will be trained to use the equipment.
What kind of insurance policy would I need? Where can I find out about insurance coverage’s, costs and related information?
Hi Paakman, sounds like an interesting product when you say that customers can injure themselves - is it lawn-darts? :)
So there are a few things you can do, as a startup you probably qualify for a Business Owners Policy (referred to as a BOP) and that will include some product liability coverage, which is what you want. Depending on the scale/danger of the product, you may want to opt for more product liability coverage on top of the BOP.
Also, with the BOP you'll get things like basic liability protection for you, your employees and your property.
And depending on your product, you may also want to get professional liability coverage, which would cover you from errors or negligence on your part -- if it could be argued that you were negligent for selling flamethrowers to teenagers, for example.
If you have other questions, we posted a quick FAQ on small business insurance on our blog.
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