If you’re running a business, no doubt you’ll have a dozen spinning plates going. You’ll be thinking of your million-dollar idea, your customers, your staff, and lots of other things. Far down that list is the idea that something could go wrong. Insurance isn’t a nice thing to think about, but it is a necessary thing to think about. But deciphering the different types of insurance and if you even need them is the tricky part. But you’re in luck. This is your one-stop-shop for information on every type of business insurance. Take a look at our guide to business insurance. You should have to make sure your business is safe.

General liability insurance

General liability insurance protects against bodily injury, property damage, and personal injury claims. This is important for most businesses to have because it can help protect your business if you are sued for property damage or bodily injury caused by your operations, products, or services.

Property insurance

Property insurance, on the other hand, covers damage to the physical building of your business property. It covers risks like fire, theft, vandalism, which might come in handy if you’re in a city where protests and rioting might get destructive. It can help replace or repair your business property if it is damaged or destroyed by covered causes like fire, lightning, windstorms, hail, vandalism, and more. But, like home insurance, it doesn’t cover everything, like flooding, so double check your policy if you think that’s a risk.

Workers’ compensation

Worker’s compensation is about making sure that neither you nor your employer needs to shill out if there is a medical issue caused by work. It covers medical care and lost wages for employees injured on the job and it is mandatory in most states. It covers medical, rehabilitation and wage replacement benefits to employees injured while working, depending on national or state regulations. This is insurance that is particularly important because it protects both employees and employers. Additionally, you might want to look into directors life insurance to make sure the people running the show are covered.

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Professional liability

This one is important for consultants, advisors, accountants, etc. as it protects against claims of substandard work or negligent actions. Professional liability insurance can pay legal fees and judgments for covered claims arising from real or alleged negligent acts in your professional services, which protects your business from costly lawsuits.

Cyber insurance

In an increasingly digital world, this one is important. More and more aspects of any business is converting online, so cyber insurance covers costs related to data breaches and other cyber attacks. This is critical for businesses that store customer data but your business data is also at risk from breaches, hacking, extortion, and other cyber crimes. Cyber insurance includes legal costs, fines, forensic investigations, notification expenses, and loss of business income.

Business interruption

This one might be familiar to you if your business was closed during Covid and the subsequent lockdowns. It covers income lost due to disruptions from covered events and insurance replaces lost income if your business has to suspend operations due to direct physical losses from events like fire, storms, power outages. However, we soon discovered it didn’t cover everything.