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If you’ve launched a startup, then congratulations! You’ve joined a dynamic part of the economic sector. Nearly 90 percent of all companies in the United States have fewer than 20 employees. But small business owners may be unclear about whether their startups need insurance.

As a general rule of thumb, it depends on how big your business is. If you’re still brainstorming in your garage or second bedroom, your needs for insurance might be limited.

But the minute you start to sell products or services to the public, you need insurance. Insurance protects startup owners from product liability claims. And if the public comes to your place of business, you need insurance against someone’s potential injury.

Don’t think that establishing a limited liability corporation (LLC) protects you fully. It protects business owners from being personally sued for liability, but it does not protect against suits in general. When you hire your first employee, you also need worker’s comp insurance.

Here’s a brief look at the types of insurance a startup may need.

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