At what stage should a business be insured?

[Iboro]

Should you wait until your business is established and profitable, or is it better to get insurance from the outset to mitigate risks from the beginning? What types of coverage are necessary for different stages of business growth?

 

[Vehli]

If you are not confident about the business then you can wait for the business to start generating profits because it won't be a good idea to pay additional expenses.

 

[Kane]

I think a business needs insurance as soon as it is operational. Once your the business is operational, you will be under a lot of risks, such as theft, robbery, loss and damages, and other business-related risks. So, in order to save yourself from the financial constrains caused by these risks, you will need an insurance.,

 

[Good-Person]

I do not think that each and every business should be insured or could be insured in the first place. Insurance companies have their own specific policies. They may not be able to insure any kind of business. Having said that, if you have enough cash reserves, you may not even need to insure your business in the first place. You spare cash can help you in many ways.