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Depending on the nature of your business and any insurance that you are legally obligated to carry, the following types of business insurance should be considered essential:

  • General liability insurance: Coverage against accidents, injuries and negligence claims.
  • Product liability insurance: Coverage against product defects.
  • Professional liability insurance: Covers professionals against malpractice, negligence or errors.
  • Commercial property insurance: Covers against damage to your business property, such as from a fire or a severe storm.
  • Business interruption insurance: Protects your business if you are no longer able to conduct your business because of a loss.

Some businesses need specialty coverage for equipment, shipping and other risks. Because commercial insurance needs to be tailored to each business based on risks, it is critical to work with an agent, who will get to know your company and ensure that your coverage adequately protects your business investment.