Business insurance protects your company from financial loss due to lawsuits, property damage, and other risks. This guide explains the essential types of business insurance.
Essential Business Insurance Policies
1. General Liability Insurance
- Covers lawsuits for bodily injury and property damage.
- Protects against advertising injuries (e.g., defamation claims).
2. Property Insurance
- Covers business assets like buildings, inventory, and equipment.
3. Workers’ Compensation Insurance
- Covers medical expenses and lost wages for injured employees.
4. Professional Liability Insurance
- Protects against claims of negligence or mistakes in professional services.
5. Cyber Insurance
- Covers financial losses from cyberattacks and data breaches.
How to Choose the Right Coverage
- Assess your business risks.
- Compare quotes from multiple insurers.
- Ensure you have adequate liability protection.
Final Thoughts
Every business owner should have general liability and property insurance. Additional coverage depends on your industry and business operations.