What Type of Insurance Does a Small Business Need?

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Most small business incidents are covered by professional liability, workers' compensation and general liability insurance. Does that mean your business needs all three?

There is no one right answer for everything. Because startups and SMBs vary greatly in terms of assets, employees and risks, we have broken down each policy based on the specific part of your business it covers.

If you already know what policies you need, you can skip to the section showing prices below.

Does Your Business Interact Directly with Consumers or Clients? – Liability Insurance
Do You Need to Hire a Private Office? – Liability Insurance, Property Insurance and Business Owner’s Policy
Do You Have Employees on the Payroll? – Workers’ Compensation Insurance and Employment Practices Liability Insurance (EPLI)
Workers' Compensation Insurance
Employment Practices Liability Insurance (EPLI)
Using a Professional Employer Organization (PEO)
Do you offer custom services to businesses or publish online content? – Errors and Omissions Insurance (also known as Professional Liability Insurance)
Are Companies Using Your Product to Manage Sensitive Information? – Cyber ​​Risk Insurance
Does Your Business Interact Directly with Consumers or Clients? – Liability Insurance
Interaction with consumers and clients
Interaction with consumers and clients
If you meet with potential clients, sell physical products or services in person, this type of policy is often a good idea. Although not technically required by law, general liability insurance is considered necessary for growing businesses that want to protect themselves from general liability lawsuits.

Even if you are a sole proprietor working exclusively with freelancers from bosnia and herzegovina phone number data your own home, this policy is still generally a good idea.

What does it cover?
Any property damage or expenses related to bodily injury or defamation caused by your employees, from a potential customer slipping on a banana peel, to an employee spilling their coffee on a Xerox machine, to a lawsuit caused by a product launch or advertising campaign.

Do You Need to Hire a Private Office? – Liability Insurance, Property Insurance and Business Owner’s Policy
Times have changed. Many startups and even small businesses have opted to move into shared offices and coworking spaces instead of renting dedicated office buildings, in light of the evolution of technology. In most cases, these coworking companies already have insurance policies covering their properties, and they won’t require any insurance from your company.

However, if you plan to rent a traditional commercial space from a landlord, they will require insurance before you can sign the lease.

Some landlords only require standard liability insurance, while others may require property insurance as well. You may also know this as “slip and fall insurance.”