A comprehensive guide to small business insurance

According to a survey released by Next Insurance, 90% of business owners weren’t sure if they had adequate coverage. Worse, 29% had no business insurance coverage at all, leaving their business and investments vulnerable to natural disasters, theft or lawsuits.

Small business insurance provides critical protection for your business, but there are several different types of coverage. Understanding the options available and what to expect in terms of cost can help you find the right coverage for your business (and your budget).  

7 common types of small business insurance

A customer visits your store and slips and breaks his arm while browsing the store aisles. 

A fire breaks out and spreads to your warehouse, destroying your inventory. 

Or a thief breaks into the office and steals your laptop. 

Whatever the case may be, there are many unexpected and horrifying scenarios that can threaten your business. 

Like your personal car or homeowners insurance policy, small business insurance acts as a safety net for your business, protecting your business property and assets against common disasters or accidents. 

Whether you’re the sole employee of your own company or you have dozens of workers, your small business likely needs some form of protection. What kind of insurance your business needs depends on the type of work you do, the size of your operation and your location. These are some of the most common business insurance options:

Business owners policies (BOPs)

A BOP is actually an insurance package that combines several forms of coverage together, making it a simple option for small business owners. BOPs…