What Insurance Should You Consider for Your Business?

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By Jacob Maslow

Small business owners may not realize the potential risks of owning a company. However, current economic instability is leading many to think about possible dangers. Business owners need business insurance to protect lifelong investments.

Companies can require many different types of coverage. Below are some of the risks businesses may face and corresponding types of insurance.

Business Interruption

Businesses often suffer financial losses after a natural disaster or similar event that causes them to close for a time. This type of coverage can help recuperate funds after a company closes temporarily. It also aids in rebuilding a business following a disaster.


Property coverage protects assets and inventory from loss or destruction. This includes fires, floods, and other disasters.

General Liability

This type of insurance provides coverage for injuries of customers or staff. It also protects in case of any litigation that may result.

Errors and Omissions

This coverage is also known as professional liability insurance. It protects a company from liability due to mistakes.


This type of insurance ensures that a company’s vehicles are protected. It covers theft, vandalism, accidental damage, and other liabilities.


Equipment coverage is insurance for supplies, equipment, inventory, and other merchandise. This type of coverage is especially critical for companies with large inventories or costly equipment.


Fiduciary insurance protects a company in case of fraud, embezzlement, theft, or other illegal activities. It also covers other losses related to employees.

Home Office

Home offices may be partially covered under home insurance. However, it’s wise to consider an in-home commercial policy as well. This coverage generally includes up to three employees and up to $10,000 of damage or loss to the home.

Home office coverage can also include provisions for loss of income due to floods, power outages, or similar incidents. In addition, it can cover vehicles that are used for business purposes.


Nonprofit organizations face unique challenges. For example, if someone promises a large donation then doesn’t come through, it can leave the establishment without income. Canceled fundraising events can also be covered by nonprofit insurance.

Garage Keepers 

Companies that habitually work on, store, drive, or handle customer vehicles will need this type of insurance. For example, mechanics, valets, garage owners, and similar businesses fall into this category. This coverage is in addition to any general liability policies already held.


Delivery personnel needs coverage for injuries and other costs incurred during delivery duties. This is true, no matter how many people are on the team.


Every business needs to have coverage in at least one of the areas above. Companies may require extra coverage depending on the specific industry. BST Insurance Brokers state that a professional can help determine the coverage that’s right for each business, so it’s a good idea to consider this option. 

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