It’s always a good idea to purchase business insurance. You never know when an accident will occur or some other unfortunate situation might happen. As a business owner, it is pivotal that you have all of your bases covered should something go wrong with your company or property.

Cyber liability insurance

Consider getting cyber liability insurance for your business. As more people use mobile devices to access company information, cyber liability coverage has become increasingly important for businesses of all sizes. If hackers break into your systems and steal customer data or other sensitive information, the costs associated with repairing damages can quickly add up — and cyber liability insurance can help cover those costs.

Property coverage

This covers physical damage or loss to your business property due to fire, theft, vandalism, or other events covered by the policy. It also covers liability claims stemming from damage or loss because someone was injured on your property or because another person’s property was damaged while visiting your location.

Liability coverage

General liability covers damages resulting from injuries on the premises or from the products that you sell. For example, if someone slips on some ice in front of your store and breaks their leg, you may be liable for medical expenses and other damages associated with the injury.

Workers’ compensation insurance

Workers’ compensation protects employees who’ve been injured or killed on the job. Workers’ comp pays them for lost wages and medical bills, as well as provides some vocational rehabilitation services if they’re able to return to work after an injury or illness. It may also cover temporary disability payments if an employee isn’t able to return to work at all due to an injury or illness. Workers’ compensation is not the same as health insurance and must be purchased separately.

Commercial auto insurance

If you’re driving a company vehicle or using your personal vehicle for work-related purposes, make sure you have commercial auto insurance. This coverage will protect you in case of an accident that involves injury or property damage.

Errors and omissions insurance

This type of policy provides protection against claims made by customers or clients who allege that they have been harmed by your negligence or error while performing services for them.

Umbrella liability insurance

This provides additional protection in case something goes wrong at one of your events or venues that results in injury or property damage. An umbrella policy provides extra liability protection above and beyond any other coverage you may have — like general liability and commercial auto liability — so if an accident occurs and you’re liable for damages, this policy will help protect you from having to pay out of pocket.

Surety bond/commercial bond insurance

Some industries, most commonly in state and federal government contracting, will require you to obtain a surety bond to secure the contract or the project. Surety bonds are a type of insurance that guarantees the performance of a contractor or employee. They are used to protect the public from fraud, theft, and other malfeasance.

When considering your business insurance, don’t just hand over your money and get the cheapest policy available. Take the time to investigate all of the different lines of coverage that are out there. The last thing you want is to have a claim denied because you didn’t have essential coverage in place.