Insurance Types Every Business Owner Should Consider

Insurance Types Every Business Owner Should Consider

There are numerous types of commercial insurance available, each with their own purpose. Figuring out what type of insurance you need for your business can be exhausting. Below we list different insurance types that every business owner should consider purchasing to protect their business.


General Liability Insurance: Every business, even home based businesses should carry general liability insurance. This provides protections if you, your employees, and your products and/or services cause or were claimed to cause injury or property damage to a third party.


Property Insurance: This protects the property of your business from fire, theft, vandalism, and other losses. Property insurance covers the property of your business including office equipment and tools. You may consider adding business interruption insurance to cover your losses in revenue due to damage of your property from unforeseen circumstances.


Professional Liability Insurance: This insurance, also known as Errors and Omissions Insurance provides defense and damages for failure to or claims of improperly performing professional services. General liability insurance does not cover these types of claims. This type of insurance is ideal for professional services such as law firms, real estate agents, consultants, accountants, and more.


Worker’s Compensation Insurance: This provides protection for your business if an employee is injured on the job. Most states require businesses with W2 employees to carry worker’s compensation insurance, and the penalties for non-compliance can be very high. In exchange for worker’s compensation benefits the employee gives up his right to sue the employer.


Data Breach or Cyber Insurance: This covers your business in the event that sensitive information of employees or customers is compromised. Business owners are responsible for keeping their sensitive data secure, but sometimes even the best security can be compromised, and this type of insurance will protect your business from the liabilities that result from a data breach.


If you need commercial insurance for your business, call STL Insurance Stop today at (314) 475-5637 for a free quote or more information.