There are many types of insurance options out there that business owners can get. Insurance helps protect your company from different risks that can come up during normal operations. Choosing what business insurance you need can seem overwhelming, but we’re here to help.
Many business owners start with a Business Owner’s Policy (BOP) for their small business insurance needs. It combines three essential coverage:
- General liability insurance
- Commercial property insurance
- Business income insurance
We made our BOP customizable, so you can add other business insurance coverage to get more protection. For example, if your business provides a professional service to customers, you may want to get a professional liability insurance policy.
It can help protect your business from claims that it made a mistake in the professional services given. We know every business is different. That’s why we’re here to help you get the right types of business insurance.
8 Types of Insurance Policies for Small Businesses to Consider
You may have to get different types of insurance depending on the industry you’re in. That’s because every business faces unique challenges and risks.
While there are many types of insurance that you can get, read about eight policies that many small businesses can get to help protect them from a variety of risks.
1. General Liability Insurance (GLI)
- Bodily injury to someone else
- Property damage to another person’s belongings
- Personal injury, like libel or slander
2. Commercial Property Insurance
3. Business Income Insurance
4. Professional Liability Insurance
5. Workers’ Compensation Insurance
- Pay for their medical bills
- Replace most of their lost wages if they miss work to recover
- Cover funeral costs if they lose their life due to a work-related injury or illness
- Pay for ongoing care, like physical therapy
6. Data Breach Insurance
- Notify impacted individuals
- Offer identity theft monitoring services
- Create a public relations campaign
7. Commercial Umbrella Insurance
8. Commercial Auto Insurance
What Different Types of Insurance Are Required for Businesses?
Depending on your type of business and where you are, the law may require you to carry certain types of insurance. For example, most states require employers to have workers’ compensation insurance. Some states have laws for business insurance by industry. For example, accountants may have to get professional liability insurance.