Please support us by clicking through our links. We may earn affiliate commission at no extra cost to you.

Do I Need Business Insurance?

By Business.How Team
| Updated
a pile of debris with a house in the background
Camera Icon Chandler Cruttenden / Unsplash

Do you own a business?

If yes, then you need General Liability Insurance. This provides coverage for a business against third-party claims for bodily injury, property damage, or personal injury arising from the business's operations, products, or premises. It helps protect businesses from the financial consequences of lawsuits, including legal expenses, settlements, or judgments, providing a crucial safety net against potential liabilities.

Does your business have employees?

If yes, then consider Workers Compensation. This covers medical expenses and wage replacement for employees who sustain work-related injuries or illnesses. It provides financial support for necessary medical treatments, rehabilitation services, and a portion of lost wages during the recovery period, ensuring employees receive the care and support they need while protecting employers from potential lawsuits related to workplace injuries.

Does your business own vehicles?

If yes, then consider Commercial Auto Insurance. This covers vehicles used for business purposes. It protects businesses from financial losses due to accidents, theft, or damage to company-owned vehicles, as well as liability for bodily injury or property damage caused by those vehicles.

Does your business own a building, equipment or inventory?

If yes, then consider Commercial Property Insurance. This covers for physical assets and property owned or leased by a business. It protects against financial losses caused by perils such as fire, theft, vandalism, or natural disasters, covering the cost of repairing or replacing damaged buildings, equipment, inventory, and other property essential to the business's operations.

Does your business give advise, services or expertise to clients?

If yes, then consider Professional Liability Policy. This covers for professionals against claims of negligence, errors, or omissions in the services they provide. It protects professionals from financial losses, including legal expenses, settlements, or judgments resulting from claims made by clients alleging financial harm or damage due to the professional's actions or advice.

Does your business store important personal information for your customers and clients?

If yes, then consider Cyber Liability Insurance. This covers for financial losses and legal expenses resulting from cyberattacks and data breaches. It helps businesses mitigate the costs associated with investigating and resolving security breaches, notifying affected individuals, managing public relations, and defending against legal claims arising from the unauthorized release or misuse of sensitive data.

Does your business need a wide range of coverage to ensure maximum protection?

If yes, then consider Business Owners Policy. A Business Owners Policy (BOP) provides a bundled insurance solution for small to medium-sized businesses. It typically includes property insurance, liability insurance, and business interruption insurance, covering property damage, liability claims, and loss of income due to covered events, offering businesses a comprehensive and cost-effective insurance package.