Business insurance coverage is critical to protecting your company from risks, including property loss and repairing or replacing property, such as after a fire, storm or theft. Business insurance can help cover the costs of legal claims made against your business and can help cover an injured worker's lost wages. Without insurance, a significant loss could be devastating to the livelihood of your business. Some states also require that businesses hold certain types of insurance coverages in order to legally operate there.
Workers compensation insurance can help protect both you and your employees after a work-related injury. General liability insurance can help protect your company in the event that someone makes a claim against it. Management and professional liability insurance can help protect you from a range of risks, from errors and omissions to cyber risk.
For small businesses, a business owner's policy, also known as BOP insurance, combines three critical coverages – commercial general liability, commercial property, and business income and extra expense coverage – into one convenient policy.