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> Not much help for this time around, but if you're working with fly-by-night outfits, it's a must. Yeah, I guess in our community we don't think of funded sta

> Not much help for this time around, but if you're working with fly-by-night outfits, it's a must. Yeah, I guess in our community we don't think of funded startups as "fly-by-night" outfits, even though any bank or mainstream institution would absolutely think of them as such. I guess I had a little more confidence in the kind of person that has convinced well-known investors to give them money. FWIW I've had other founders treat me very well in going-under situations, so I know it's not everybody.

madaxe_again 11y ago
Totally, but even nice, well-intentioned people may find themselves in a situation where they're utterly unable to pay. If anything, that can be a harder situation if you're trying to deal with it personally, because going in guns blazing "fuck you, pay me" with someone you like isn't easy. Have been running an agency for the better part of a decade, we've grown from two to thirty-something people, and while we started with no insurance whatsoever, we now have policies coming out of the wazoo - and it's a double positive, as: a) We no longer have to deal with "bullshit" situations. More often than not we notify the insurer and let them deal with it according to our wishes. b) Because of (a), we can deflect most relationship damage that goes along with "bullshit", as it's not us being the aggressive assholes demanding payment, it's our insurers. We spend maybe £10k a year all-in on insurance, but with several £M of turnover and several £Bn of client revenue (i.e. revenue they take through their sites) in the mix, it's an absolute bargain. We've only had to make two claims - most of the time, they make situations go away (negotiated settlement, etc.) before we have to make a claim, as it's in their interest (cheaper resolution) to do so.
- wushupork 11y ago
  Tell me more about this all-in insurance. Where would you find these types of insurance companies. I run a small digital studio and run into similar problems from time to time with startups - it's always startups.
  - madaxe_again 11y ago
    Our policies are mostly with Hiscox, brokered by Willis. Honestly, talk to a broker, you'd be amazed at what you can insure.

madaxe_again 11y ago

Totally, but even nice, well-intentioned people may find themselves in a situation where they're utterly unable to pay. If anything, that can be a harder situation if you're trying to deal with it personally, because going in guns blazing "fuck you, pay me" with someone you like isn't easy. Have been running an agency for the better part of a decade, we've grown from two to thirty-something people, and while we started with no insurance whatsoever, we now have policies coming out of the wazoo - and it's a double positive, as: a) We no longer have to deal with "bullshit" situations. More often than not we notify the insurer and let them deal with it according to our wishes. b) Because of (a), we can deflect most relationship damage that goes along with "bullshit", as it's not us being the aggressive assholes demanding payment, it's our insurers. We spend maybe £10k a year all-in on insurance, but with several £M of turnover and several £Bn of client revenue (i.e. revenue they take through their sites) in the mix, it's an absolute bargain. We've only had to make two claims - most of the time, they make situations go away (negotiated settlement, etc.) before we have to make a claim, as it's in their interest (cheaper resolution) to do so.

wushupork 11y ago
Tell me more about this all-in insurance. Where would you find these types of insurance companies. I run a small digital studio and run into similar problems from time to time with startups - it's always startups.
- madaxe_again 11y ago
  Our policies are mostly with Hiscox, brokered by Willis. Honestly, talk to a broker, you'd be amazed at what you can insure.