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Every business owner wants to stay safe. But did you know that 44% of small businesses have never had insurance?

Knowing where to start when looking at commercial insurance can be daunting. So in this post, we take you through 5 types of business insurance that every startup should have in place.

1. Small Business Insurance

It’s not just about money or physical assets. It’s also about protecting your business reputation and, in some cases, your assets. Your ability to stay afloat in a lawsuit is also protected if you have the right small business insurance plan.

Small Business Insurance is sometimes a generalized term for all the small to medium-sized business’s insurance needs. Knowing what should be covered and what can be left out isn’t the easiest, so many insurers offer it as an all-in-one package.

2. Liability Insurance

Liability insurance comes in different types. General Liability Insurance protects you against any liability claims. Examples you wouldn’t expect may include those associated with bodily injury or property damage that happens on your business premises or involves your products.

But if you need something more specific, Professional Liability or Indemnity Insurance protects your license or certification from being suspended or revoked. It’s rare, but this often happens when professional negligence occurs or any legal cases against you for libel or slander.

3. Commercial Insurance

The office becomes your living, breathing space because you are there all the time. So if anything goes wrong, you’ll want to make sure you’re covered for loss, theft, or damage.

Commercial insurance can provide coverage for the building, equipment, inventory, and business. It’s a must if you run a business from a dedicated unit. 

It can also cover other assets that are not business-related but still owned by the business. Make sure you check, though, whether these items are covered or not, as some policies cover based on the item’s location rather than ownership. If in doubt, companies such as Erie Mutual Insurance can help answer your questions.

4. Employment Practices Insurance

This protects you should a lawsuit occur based on claims of discrimination or harassment from yourself or another employee. It can also incorporate other elements of insurance, such as protecting the business owner’s assets, including real estate, vehicles, and personal liability.

5. Commercial Auto Insurance 

Suppose you have any vehicles belonging to the company or are in use for work purposes. In that case, commercial auto insurance is a must. Commercial auto insurance provides liability coverage for any vehicles used by the company.

It could include work vans, pickup trucks, delivery vans, or any other vehicle involved in your business operations. 

Getting the Best Business Insurance Quotes

Get a few business insurance quotes and make sure you are comparing apples to apples. Most companies offer several different coverage types, so it’s a good idea to shop around for the best prices and policies. Remember: the more commercial insurance you have, the better protected your company will be.