How much time have you put into building your business? And how quickly could a single incident — data breach, natural disaster, accident or injury, theft, or something else entirely — undo all of the work you’ve done?

We enlisted an expert for advice about small business insurance and which options are best for your small business. Cam Besse, who is both an insurance agent and pro, gave us this quick rundown of the most common policy types businesses need.

Best Options for Small Business Insurance 

As a business evolves, its insurance coverage needs do too. Some policies, like general liability, are standard requirements for most businesses; others, like cyber liability, may become more critical as your use of digital systems grows. 

• Commercial Property Insurance: Covers physical assets, including buildings, personal property, and contents inside your workspace.

• Commercial Auto Insurance: Covers physical damage to vehicles your business relies on and liability associated with accidents.

• Inland Marine Insurance: Protects property in transit away from your premises and is particularly important for businesses that ship and/or receive goods.

• Cyber Liability Insurance: Covers losses from data breaches, network failures, cyber extortion, and other cybercrimes. Understand, however, that policies will require you to be proactive and take steps to protect your data, too.

• Employers Liability / Workers Compensation: Do you have employees? This is mandatory.

• Professional Liability / Errors and Omissions: Essential for consultants and service providers, this covers claims against negligence, late work, incomplete work, etc., plus financial and property damages related to your professional services.

• Commercial Umbrella Insurance: Excess insurance above your other policies that kicks in when your own insurance isn’t sufficient. Note that umbrella insurance doesn’t cover everything. For example, your business’s property won’t be covered. 

• Crime Coverage: Safeguards against theft, embezzlement, and other fraudulent activities by employees or third parties.

• Employment Practices Liability: Protects against claims related to wrongful termination, defamation, harassment, retaliation, and other employment-related issues.

Get the Right Insurance for Your Small Business

Getting the right insurance coverage for your unique business still requires working with an expert — a small business insurance agent/specialist. This guide will help you find the right one. Entrepreneurs Forever members: Talk to your peer group about their experience with local agents and various insurance providers. Referrals and reviews are the best way to point you to the right partner quickly.

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