Running a business comes with risks. The right insurance helps protect you from costly setbacks. Whether you own a small shop or a growing company, insurance is a smart way to shield your investment. Here are several key coverages business owners should consider:
General Liability Insurance
General liability insurance is a must-have. It protects your business from many common risks. If someone gets hurt on your property, this insurance helps. If a customer’s property gets damaged, it also applies. It covers legal costs if someone sues your business. That includes lawyer fees, settlements, and court judgments. It also protects you from claims like slander, libel, or false advertising. Every business—big or small—benefits from having general liability coverage.
Property Insurance
Your business likely owns valuable property. Property insurance helps protect it. This includes buildings, tools, inventory, furniture, and equipment. If a fire, theft, or storm damages your property, insurance pays for repairs or replacements. Without it, you’d have to cover those losses out of pocket. Some policies even include coverage for lost records or damaged signage. If you rent space, this insurance can still protect your business assets inside.
Business Interruption Insurance
Disasters can force your business to shut down. Business interruption insurance helps keep the money coming in. It covers lost income if your business can’t operate after a covered event, like a fire or flood. It also helps pay for ongoing expenses like rent, payroll, and utilities. That way, you can stay afloat while you rebuild or recover. Without this coverage, even a short closure could lead to long-term losses.
Professional Liability Insurance
If your business offers advice or professional services, you need this. Professional liability insurance—also known as errors and omissions (E&O) insurance—covers claims related to mistakes or poor advice. If a client says you caused them financial harm, this policy can help. It covers legal costs, settlements, and judgments. Doctors, lawyers, consultants, architects, and other professionals often need this protection. Even honest mistakes can lead to expensive lawsuits.
Workers’ Compensation Insurance
If you have employees, you likely need workers’ comp. In most states, it’s required by law. Workers’ compensation insurance pays medical bills and lost wages if an employee gets hurt or sick on the job. It also protects your business from lawsuits. If a worker gets injured and you don’t have this insurance, you could face major penalties. This coverage helps your team recover—and helps your business stay compliant and protected.
Cyber Liability Insurance
Cybercrime is a growing threat. Even small businesses are targets. Cyber liability insurance helps if your systems are hacked or data is stolen. It covers the cost of notifying customers, restoring data, hiring legal help, and even managing PR fallout. It may also cover lost income caused by a cyberattack. If you collect or store customer data, process credit cards, or do business online, this insurance is important. It adds a layer of digital protection.
Commercial Auto Insurance
Do you use vehicles for work? Then you need commercial auto insurance. This policy covers company cars, trucks, vans, or even rented vehicles. It protects against accidents, property damage, and injuries. If your driver causes an accident, this insurance pays for repairs, medical costs, and legal fees. Your personal auto policy won’t cover business use—so don’t take that risk. Make sure all business vehicles have the right coverage.
Final Thoughts
Owning a business is rewarding—but it’s also full of unknowns. Insurance helps you plan for the unexpected. Each policy plays a different role in protecting your company, your income, and your peace of mind. The best coverage depends on your business type, size, and risk level.
Want help building a plan that fits your needs? Call Combined Insurance Service LLC at 816-847-1911. We’ll help you protect what you’ve worked so hard to build.