Business Insurance basics

Business insurance is a set of coverages that protect your operations, your people, and your assets from the risks of running a company. Most small businesses start with a few core policies.

General liability covers third-party bodily injury and property damage claims. Commercial property covers your building, equipment, and inventory. Many small businesses combine the two in a cost-saving Business Owner's Policy (BOP).

Workers' compensation covers employee injuries and is required in most states once you have employees. Professional liability (E&O) covers claims of mistakes in professional services. Cyber liability covers data breaches and related costs.

The right mix depends on your industry, revenue, employees, and contracts — a contractor, a restaurant, and a consultant each need a different package.