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Research their procurement process, start right away. It can take many months to clear procurement.

Generally you’ll need insurance. Use a startup insurance provider (not general business insurance). It’s way cheaper & faster to get.

The good news about being a registered vendor is that it makes it easier to sell to them in the future, whatever happens on this deal.

So this is a B2B Software startup. what do I need insurance for / against?

Generally:

Errors & Omissions (E&O) for general coverage (usually required by procurement at a specific level like $1m, be sure to ask)

Data for breaches, etc. if you are working with sensitive/customer data and could be sued in the event of a breach