You can operate your business without new office furniture, the fastest new computer, or the best-looking office space, but if you are serious about being an entrepreneur you must protect your company from being liable for accidents, legal claims, and damages to your business. Natural disasters, theft, employee injuries, property damage, and other circumstances can all have a negative impact on your business if you're uninsured. Below are my three Must.

General Liability Insurance, also known as commercial general liability insurance or business liability insurance

• Costs for property damage claims against your business
• Medical expenses if someone gets injured at your company
• Advertising injury claims against your business
• Administrative costs to handle covered claims
• Court costs, judgments, and settlements for covered claims

Worker's Compensation Insurance, also known as Worker's Comp

Workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.

• Medical expenses
• Lost wages
• Ongoing care costs
• Funeral expenses

Unemployment insurance, also known as Federal and State Unemployment Insurance

All employers are required to pay federal and state unemployment insurance. This is a small percentage of the employee’s pay that you withhold as part of payroll taxes that is added to a pool for future unemployment benefits. Unemployment insurance does not require you to buy an insurance policy, you simply must deduct the appropriate amount of funds. Check your state’s unemployment insurance rate to make sure you are meeting the legal contribution requirement for unemployment insurance.