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As a small business owner, insurance is something you will eventually need to address. It can be stressful, however every business owner should have some basic type of business insurance to safeguard your business and your livelihood.
Having coverage for your business is always a good investment.

Here are 13 types of insurance for a small business owner.

  1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance.  The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
  2. Property Insurance:  If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.
  3. Business Owner’s Policy (BOP):  Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP.
  4. Commercial Auto Insurance: You can protect vehicles that carry employees, products or equipment. If employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.
  5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident.
  6. Professional Liability Insurance: Also known as Errors and Omissions Insurance, the policy provides defense and damages for failure to or improperly rendering professional services. This insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..
  7. Directors and Officers Insurance: This type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company.
  8. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
  9. Renter’s insurance: Renter’s Insurance coverage protects against damage to the physical property, contents of the property, and personal injury within the home.
  10. Life Insurance:  Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death.
  11. Personal Automobile Insurance: Covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance protects against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision.
  12. Personal Umbrella Insurance: This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy.
  13. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, you are responsible for protecting that information.