5 Types of Insurance Your Small Business Needs


Insurance offers protection and less stress in life, which can help guard your health and wellbeing. As a small business owner, you are trying to figure out all the policies you need. The following are five insurance policies you need as a business owner.

  1. General Liability

One type of business insurance you need is general liability, even if you work from home or use your personal vehicle. You need this insurance to protect yourself and your business. The liability insurance will be there just if a third party is injured or hurt somehow by your services or products. This also protects against any property damage your products or service might cause. Of course, you’re providing high-quality service, so you probably won’t need this, but you never know what might happen.

  1. Life Insurance

Protecting yourself is just as important as protecting other aspects of your business. You’re taking on new expenses and responsibilities, all of which come with a heightened level of stress. You can decrease this with term life insurance. Knowing that your family will be covered should something happen to you will make you feel content. This can also ensure the business keeps going strong in your absence. You also want the same for any business partner, so consider a term life insurance policy for every business partner. A peaceful mind makes better decisions.

  1. Property Insurance

Property insurance is vital, too. This insurance is going to protect the stuff your business owns or rents. This policy covers furniture, equipment, computers, fences, and many other things. It can even help you recover lost income due to a property loss. This insurance should protect you from vandalism, theft, smoke damage, fire, and whatever else might happen to all of your things. If something does happen, you’ll be able to replace or repair everything and get back to work.

  1. Commercial Auto Insurance

The next thing you might need to worry about is commercial auto insurance. This policy isn’t for every small business, but if you have vehicles, then you need one. Even if you just have one company car, that car needs to be adequately insured so that you or your employees can use the vehicle without any worries. Any type of vehicle can be insured, from SUVs to vans. You’ll be protecting your company vehicles from damage, which could happen while the car is being operated or not. The most popular car insurance places may not be your best option. Look for a company that caters to businesses.

  1. Workers’ Compensation

Workers’ Compensation insurance is necessary for your employees. Having employees work for you means you’ll be responsible for their well-being. If something happens while on the job, you must have something to cover these expenses. It’ll provide your employees with everything they might need to cover lost hours or medical expenses. Of course, offering this to your employees means your employees can’t sue you or your business, which is very important.

As you can see, insurance is vital for any small business, but the good thing is you’re learning what you need to have. Continue your search. If you feel you need other types of insurance, then don’t hesitate to get what you need. Just remember to shop around to ensure you get policies that work for you.


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