Thoughtful diligence needs to go into the process of not only deciding on the type of business insurance your startup or young business needs but also how and from which channels to procure the insurance.

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• What type of insurance best fits your business?

• What is the appropriate amount of coverage?

• What is a fair value for insurance?

• Who should you consult before buying?

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Certainly, risk is involved in the process of starting and growing a company. What many founders tend to look past is that building a risk management program is the best, most immediate way to transfer a large portion of that risk away from the business and themselves. Using insurance policies as a risk transfer can help the founders make the business more attractive to partners, potential investors, and other third parties whose collaboration will likely be needed in order to help put the business on a healthy and stable growth trajectory.