Startup Industry Solutions

1. Office Package Policy

Office package insurance is a bundled insurance product designed to protect startups from financial losses arising from various perils.

What does it cover?

• Data loss or property damage

 This covers damage to office equipment, furniture, and inventory caused by fire, theft, or other insured events.

• Cyberattacks and data breaches:

This covers costs associated with responding to a data breach, such as forensic investigation, customer notification, and credit monitoring.

• Errors and omissions

Errors and omissions (E&O) insurance protects startups from lawsuits alleging that they failed to perform services properly or caused financial harm to clients.

• Workers compensation

This insurance, which is required in most states, pays for medical costs and lost income for workers who sustain injuries.

2. General Liability Insurance 

General liability refers to legal actions asserting that the startup’s activities caused third parties property damage or physical harm.

What does it cover?

• Bodily injury
• Property damage
• Personal injury, like libel or slander

What it doesn’t cover?

• Intentional misconduct by the policyholder
• Fines and penalties
• War and terrorism

Additional coverage available for an extra premium:

• Employment practises liability insurance (EPLI) protects startups from lawsuits alleging discrimination, wrongful termination, or other employment-related issues.
• Directors and officers (D&O) liability insurance protects startup directors and officers from personal liability for lawsuits alleging mismanagement or breach of fiduciary duty.
• Fidelity bonds protect startups from financial losses caused by employee theft.

3. Product Liability Insurance

Product liability insurance protects companies against monetary losses brought about by lawsuits resulting from harm or property damage caused by their products.

What does it cover?

• Bodily injury: Covers compensation for injuries sustained by individuals due to defects in the insured’s products.
• Property damage: Covers compensation for damage caused by defects in the insured’s products.
• Legal defence costs: Covers the insured’s legal expenses in defending a product liability lawsuit, even if the lawsuit is ultimately unsuccessful.

What it  doesn’t cover?

• Intentional misconduct by the insured
•  Product liability insurance typically does not cover the costs associated with recalling defective products.
•  Awards of punitive damages are typically not covered by product liability insurance.

Additional coverage available for an extra premium:

• Pollution liability insurance 

Pollution liability insurance can shield companies from responsibility for the harm their products cause to the environment.

• Completed operations

 This coverage can protect businesses from product liability claims arising from products sold or distributed.

4. Directors & Officers Liability

Directors and officers (D&O) liability insurance shields startup directors and officers from personal financial losses arising from lawsuits alleging mismanagement or breach of fiduciary duty.

What does it cover?

• Legal defence costs
• Settlements and judgments
• Costs of wrongful acts investigations: 

What it typically doesn’t cover?

• Intentional wrongdoing
• Fines and penalties

Additional coverage available for an extra premium:

•  Protects directors and officers even if the company is unable to repay them.
•  Protects directors and officers from lawsuits alleging discrimination, wrongful termination, or other employment-related issues.

5. Standard Fire & Special Peril Policy

Standard fire and special perils policy safeguards startups from financial losses due to property damage caused by various events.

What does it cover?

• Fire and lightning damage
• Covers damage caused by explosions.
• Riot, strike, and malicious vandalism: Covers damage caused by riots, strikes, or acts of vandalism.
• Covers damage caused by windstorms or hail.
•  Often, policies can be extended to cover additional perils such as floods, earthquakes, and business interruption.

What it doesn’t cover?

• Wear and tear
• Faulty electrical wiring or plumbing
• Flood damage (unless specifically included)Earthquake damage (unless specifically included)

Additional coverage available for an extra premium:

• Insurance against business disruption: If a covered calamity forces your firm to close, this coverage can assist in recouping lost revenue and earnings.
• Insurance for supplemental costs: This type of coverage helps cover additional costs, such as temporary office space rentals, incurred to keep your firm operating following a covered risk.
• Insurance against crime: This insurance helps shield your company against financial damages brought on by theft, vandalism, and other crimes.

6. Cyber & Crime Insurance

Cyber and crime insurance helps startups recover from losses from cyberattacks and criminal activity.

What does it cover?

• Data breach costs: Covers expenses associated with notifying customers, legal fees, forensic investigations, and credit monitoring.
• Business interruption: Reimburses lost income due to a cyberattack that disrupts operations.
• Cyber extortion: Provides coverage for ransom payments and related expenses if a cybercriminal locks a startup out of its data.
• Crime coverage: Protects against financial losses from employee theft, forgery, and fraudulent funds transfer.

What it typically doesn’t cover:

• Intentional wrongdoing: Insurers won’t cover losses stemming from the startup’s or its employees’ deliberate actions.
• System outages caused by technical glitches: Mechanical breakdowns or power failures are generally not covered.

Additional coverage available for an extra premium:

• Cyberterrorism: Provides coverage for losses from cyberattacks launched by foreign governments or organisations.
• Data privacy: Covers fines and penalties associated with data privacy regulation violations.

7. All Risk Cover Insurance

All risk cover insurance offers comprehensive protection to startups against a wide range of unforeseen events and risks. Here’s what it covers:

• Property damage 

Covers damage or loss to physical assets such as office space, equipment, inventory, and supplies caused by fire, theft, or natural disasters.

• Liability coverage

Protects the startup from legal claims and expenses arising from third-party bodily injury, property damage, or advertising injury.

• Professional indemnity

Provides coverage for financial losses resulting from negligence, errors, or omissions in the startup’s professional services or advice.

8. Product liability

Covers legal costs and damages if a product sold or manufactured by the startup causes harm or injury to consumers.

What it typically doesn’t cover:

• Intentional acts

Losses caused by intentional or fraudulent actions by the startup or its employees are generally not covered.

• Wear and tear

Damage resulting from gradual Business interruption coverage reimburses lost income and helps pay ongoing expenditures if a covered incident causes the company to temporarily cease operations.Generally, wear & tear and poor maintenance are not covered.

Additional coverage available for an extra premium:

• Cyber liability

Extends coverage to protect against losses from data breaches, cyberattacks, and related expenses, similar to cyber and crime insurance.

• Intellectual property protection

 Provides coverage for legal expenses associated with defending intellectual property rights or allegations of infringement.

• Key person insurance

 Offers financial protection to the startup in the event of the death or disability of key employees or executives.

• Employment practises liability

Covers legal costs and damages arising from claims of wrongful termination, discrimination, or harassment by employees.

All risk cover insurance is customizable to meet startups’ unique needs and risks, providing them with peace of mind as they navigate the challenges of building their businesses.

9. Group Health Insurance

Group health insurance offers valuable medical coverage to employees of startups, promoting employee well-being and retention. Here’s what it covers:

What does it Cover?

• Medical expenses

 This covers the costs associated with hospitalisation, surgery, doctor visits, prescription drugs, and other medical treatments for employees and their dependents.

• Preventive care

Includes coverage for routine check-ups, vaccinations, screenings, and other preventive services to help employees maintain good health.

• Mental health and substance abuse treatment

Provides coverage for therapy, counselling, and rehabilitation services for mental health conditions and substance abuse disorders.

• Maternity and newborn care

 This covers prenatal, childbirth, and postnatal care for employees and their spouses, as well as care for newborns.

• Emergency services

Includes coverage for emergency room visits, ambulance services, and urgent care treatment for sudden and unexpected medical needs.

What It typically doesn’t cover?

• Cosmetic procedures Generally excludes coverage for elective cosmetic surgeries and treatments that are not medically necessary.
• Experimental treatments This policy may not cover experimental or investigational treatments that have not been proven to be effective or approved by regulatory authorities.

Additional coverage available for an extra premium:

• Dental and vision insurance

Extends coverage to include dental care, orthodontic treatment, and vision care services such as eye exams, glasses, and contact lenses.

Programs for employee assistance (EAPs): 

provides access to legal counsel, financial planning guidance, counselling, and other support services to help workers deal with personal and professional issues.

• Wellness programs

These programs promote employee health and well-being through initiatives such as fitness memberships, nutrition counselling, smoking cessation programs, and stress management workshops.

• Employee Assistance Plans (EAPs)

Employees can obtain counselling services, financial planning aid, legal guidance, and other support services to help them handle personal and professional issues.

Group health insurance may be adjusted to match startups’ unique demands and financial restrictions, assisting them in attracting and retaining top talent while providing crucial healthcare coverage to their employees and their families.

10. Group Personal Accident

Group Personal Accident Insurance for Startups

Group Personal Accident (GPA) insurance protects employees financially in the case of workplace accidents or injuries. Here’s what it addresses:

• Accidental Death

If an employee dies as a result of an accident, a lump sum payment is paid to their selected beneficiary.

• Permanent disability

Provides a lump sum benefit if the employee suffers permanent total or partial disability due to an accident, such as loss of limb or paralysis.

• Temporary disability

 Offers weekly or monthly income replacement benefits if the employee is temporarily unable to work due to an accident-related injury.

• Medical expenses

This pays for the employee’s reasonable and required medical costs associated with receiving treatment for injuries acquired in an accident.

• Emergency evacuation and repatriation

 This policy provides coverage for the costs associated with emergency medical evacuation and transportation of the employee to their home country for further treatment if necessary.

What it typically doesn’t cover?

• Disallow coverage for illnesses or injuries sustained before the policy’s start date.
• Additional coverage available for an extra premium:
• Extends coverage by offering additional compensation for particular sorts of injuries, including loss of sight, hearing, or limbs as a result of an accident.
• Benefits for employees who cannot work owing to accident-related injuries.
• Provides a lump sum payment if an employee is diagnosed with a covered critical illness—such as cancer, a heart attack, or a stroke—as a result of an accident.

Employees who have accidents are eligible for accidental medical reimbursement, which covers their out-of-pocket medical costs regardless of whether they need to be hospitalised.

11. Group Term Life

In the case of an employee’s death, beneficiaries are financially protected by Group Term Life Insurance. 

What does it cover ?

• Death benefits like a lump sum amount to the designated beneficiary or 
• Terminal illness benefit: 
• Accidental death and dismemberment (AD&D)
• Allows employees to convert their group term life insurance coverage into an individual policy with a conversion option. 
• Waiver of premium provides coverage without premium payments. 

What does the policy not cover?

•  Suicide
• War or acts of war
•  Pre-existing health conditions
•  Illegal activities
• Intentional self-inflicted injuries

Additional coverage available for an extra premium:

• Accelerated death benefit
• Spouse and child coverage options

Summary – Startups need insurance to shield themselves from various financial risks. Icare offers insurance plans for startups to cover property damage, cyberattacks, lawsuits, and employee injuries. We also provide health insurance, accident insurance, and life insurance for startups to protect their employees. With proper insurance coverage, startups can focus on innovation and growth without worrying about financial setbacks.We protect your assets from property damage and cyber threats, while also safeguarding against lawsuits. But Icare goes beyond business basics. We offer health, accident, and life insurance plans to ensure your employees’ well-being. This comprehensive approach minimises financial risks and grants you peace of mind.