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Rob Hibbits
Jack Hibbits
Laura Hibbits

New Business

Start Up Stage of a New Business

Congratulations! You’ve made the leap to start your own business. Welcome to lots of excitement, exhaustion and self-discovery! Being a family owned business since 1971, Hibbits Insurance has the knowledge and experience to help you navigate what’s ahead. We’ve been there.

At this stage of a business, you will invest a great deal of time, effort, energy and money into the business to create a stable customer base, or to buy inventory, and to engage in other business activities before revenues are generated. The start-up stage is generally characterized by innovation, high risk, and low profit margins.

New businesses come in all shapes and sizes, and so do their insurance needs. Talk with one of our agents to learn more.

New Business Insurance Needs

  • General Liability: General liability protects your business from another person or business's claims of bodily injury, associated medical costs and damage to property. If you are a new restaurant, you are now required by law to carry a minimum of $1 million of coverage in Liquor Liability.
  • Property and Commercial Auto Coverage: Insuring the contents that make up your new office, a showroom, a manufacturing line, or a vehicle fleet from loss, theft or damages is a required first step when starting a business.
  • Errors and Omissions: Also known as professional liability insurance, provides protection for your professional services business from claims of negligence failing to perform your professional duties.
  • Employee Benefits: Often times to attract and retain key employees a benefits package is most beneficial. Whether this be a basic health insurance program to start or you add ancillary coverages and a tax advantaged retirement plan. Hibbits Insurance and its advisors can assist you.
  • Buy Sell Agreement: If you have a partner in your business you will need the proper language in place if something were to happen to either you or your partners. A buy sell agreement is best funded with inexpensive life insurance. These proceeds are used by the surviving partner to acquire the deceased partner’s interest in the business.

"Hibbits Insurance handles all of our needs. From client enrollment to dealing with claims, there has never been a time that I have called and not gotten a prompt, courteous and efficient response."

Jackie Hartz, Administrator, Tideland Utilities