Insurance for Small Business Owners: What You Need

Running a small business comes with numerous risks, from property damage to liability claims. Having the right insurance coverage is essential to protect your business and personal assets.

General Liability Insurance — This covers third-party bodily injury, property damage, and advertising injury claims. It's the foundation of business insurance and is often required for contracts and leases.

Professional Liability Insurance — Also known as errors and omissions (E&O) insurance, this covers claims of negligence, mistakes, or failure to deliver services as promised. Essential for service-based businesses.

Property Insurance — Protects your business property including buildings, equipment, inventory, and furniture against fire, theft, and other covered perils. Consider business interruption insurance as well.

Workers' Compensation Insurance — If you have employees, this insurance is typically required by law. It covers medical expenses and lost wages for employees who are injured on the job.

Cyber Liability Insurance — In today's digital world, cyber insurance protects against data breaches, hacking, and other cyber threats. This is increasingly important for businesses of all sizes.

How Much Coverage Do You Need? — The amount of coverage depends on your industry, business size, number of employees, and specific risks. Work with an insurance advisor to assess your needs and get adequate coverage without overpaying.