FAQs

Business insurance helps protect your business from financial loss due to lawsuits, property damage, theft, employee injuries, and other risks. In many cases, it’s also legally required, especially if you have employees.

Common types include:

• General Liability Insurance – for third-party bodily injury or property damage.
• Commercial Property Insurance – for damage to business property.
• Business Interruption Insurance – covers lost income due to disruptions.
• Workers’ Compensation Insurance – required if you have employees.
• Professional Liability Insurance (E&O) – for service-based businesses.
• Cyber Liability Insurance – for data breaches and cyberattacks.
• Commercial Auto Insurance – for business vehicles.

Some types are mandatory depending on your location and business type. For example:

• Workers’ Compensation Insurance is typically required if you have employees.
• Commercial Auto Insurance is required for business-owned vehicles.

Costs vary widely based on:

• Type of coverage
• Industry
• Business size and location
• Number of employees
• Claims history

Example: A small business might pay anywhere from $500 to $5,000 per year for a general liability policy.

• Third-party bodily injury
• Third-party property damage
• Legal defense costs
• Personal and advertising injury

• General Liability: Covers physical risks (e.g., a customer slips and falls).
• Professional Liability (E&O): Covers service-based risks (e.g., negligence or mistakes in professional services).

• Home-based business insurance
• General liability
• Professional liability