There are several types of insurance that every business needs:
Worker’s compensation: Insurance for injuries on the job that covers medical expenses, lost income, and rehabilitation. While it’s not required, be sure to cover your employees and yourself, something many owners neglect.
Property: Insurance that protects buildings and their contents; however, companies without much invested in inventory or premises can pass on this one.
General liability coverage: Insurance that covers any injury or damage your company may have caused to other people, their reputation, or their property.
Business owner’s policy (BOP): A BOP packages all required coverage a business owner needs (e.g., property, liability, vehicle, crime). A BOP can be customized to fit your company’s needs and typically save owners money. The bundled services often costs less than the total cost of all the individual coverage would.