As a startup founder, your presence is arguably the most important investment. Without you, none of the plans being launched at the moment would be possible without you. The invaluable input you provide, as well as the knowledge you have with your business, is something that cannot be replaced. Therefore, you need to protect yourself at all times, or at least get the law by your side if in any case disaster strikes and affects you and your business. Below is a list of insurance coverage that you need to consider to make sure that you and your business is covered from potential wrongdoings and accidents that may occur during your time as a founder. #1. Business owner’s policy If there’s a single insurance policy that you want to get for yourself, then it has to be BOP. Typically, this plan type covers property, business interruption, crime, and liability insurance, as well as vehicle coverage. Choosing this policy is much affordable compared to individually selecting the different insurance coverages included in this policy. You can choose the most applicable ones for your business. For a better understanding on what BOP includes and doesn’t, read this post at Insurance Information Institute. #2. Directors and officers insurance As the one with the highest position in your startup, you may have to make decisions with the best interests of your startup in mind. Some of those decisions will pan out, but your other choices could potentially affect the profitability of your operations. Therefore, you need to find a way to protect yourself from any possible lawsuit you will encounter. Not to say that this will happen in the near feature, but having a Directors and Officers insurance will at least keep yourself from harm’s way. The insurance will make sure that the company will cover the costs of a lawsuit should it take place. #3. Data breach As a startup, nothing is more valuable to you than data and information. It is the lifeblood that’s keeping your startup afloat amidst the rough and tough competition. Therefore, you need to safeguard it with the help of the law. To prevent your sensitive information from getting out in public or the wrong hands, then you need to sign up for a data breach policy. Since you will be saving the files to a local drive or on the cloud, you need to understand that there is a risk of that information getting hacked or stolen. Through this policy, you can get all the help you need to track down the responsible entities who got hold of your files through illegal means. To get a better sense of how data breach policy works, here’s an extensive article published by the Federal Trade Commission. #4. Car insurance If your startup requires you to travel a lot to meet with different people all over the country, then you need to have a car insurance to protect yourself should anything happen to your automobile. There are two types of car insurances you need to consider: collision and comprehensive. The former will cover you from vehicular accidents that damage your car. The latter deals with non-collision related accidents such as your car getting stolen or damages caused by natural calamities. Learn more about comprehensive auto insurance in this post at The Zebra. Both car insurances go separately, and it’s best if you can get both to make sure that you cover all your bases with your vehicle. #5. General liability insurance Whether your startup resides in an office or at home, you don’t have to be accountable for everything that happens to your employees and remote workers. You can only control so much of their time working for you, so anything that happens during that period should be their responsibility. If by chance your employees experience bodily harm or property damage whilst working for you, a general liability insurance will protect you from any legal proceedings that will follow from there. You don’t want to run the risk of not getting protection from people who blame you and your startup for their health failing or house breaking. #6. Property insurance Conversely, you need to get insurance for assets you use for your startup. Whether these are as important as laptops or as trivial as office supplies, as long as the items affect your means to earn with your startup, then you need to file protection for them from fire, theft, vandalism, and others. Related to property insurance is the loss of earnings or business interruption insurance. If your startup suddenly becomes unable to run due to unforeseen reasons, the policy will protect your earnings, so you don’t have to lose even more money. #7. Homeowner’s insurance For startups without a physical office and whose staff are working at home, including yourself, the homeowner’s insurance will protect you from damages that might take place at home. Whether the damages are caused by the items found in your home or the actual home, accident or not, the policy will cover medical bills, should the event require you to do so. As comprehensive as this insurance sounds, it does not cover damages caused by natural calamities, acts of God, and acts of war. If you are in an earthquake or flood-prone zone, then you need to consider adding earthquake and flood insurance on top of your homeowner’s insurance to maximize your cover. #8. Life insurance This coverage prepares you for the worst to come, but it is an important policy to have so that all the hard work you’ve put into everything will not go to waste. Moreover, the insurance will keep your family and loved ones at peace because you can distribute your wealth and properties to them in the value they deserve. If you are based in the US, then you need to read this post at The Simple Dollar to find the best life insurance policy plans you can afford. Wrapping it up If you think the business side of your startup is difficult, then you’re barely scratching the surface. The premium placed for the protection of your data and intellectual property is arguably the most important thing you need to cover as soon as possible. Hopefully, the different insurance policies discussed above should help inspire you to take action before you take your startup to the next level.