Small Business Insurance: Protect Your Company While Managing Costs

Owning a small business brings exciting opportunities for sure, but it also carries significant risks. Accidents. Lawsuits. Unexpected disasters. All it takes is one of these incidents to create major financial challenges. That’s why securing the right small business insurance is essential. It serves the dual purpose of protecting your company’s assets while keeping you compliant with state requirements. Equally important is that it gives you peace of mind to focus on growth.

Below are eight key types of coverage every small business owner should consider.

1. General Liability Insurance

General liability insurance forms the foundation of most business protection plans. It covers claims involving bodily injury, property damage, or advertising mistakes, which all happen more than you might think. If a client were to slip on a wet floor inside your shop and break an ankle, without general liability insurance you’d face medical bills and out-of-pocket settlements that cost a bundle. Likewise, if a competitor accused you of using a slogan too similar to theirs in your marketing, the legal bills could potentially pile up quickly. While not every state requires this insurance for all businesses, it is strongly advised as one of the most valuable forms of business insurance for small business owners. A single lawsuit can devastate a company without this safety net in place.