Business Insurance: 6 Types to Consider
![Business Insurance: What It Is and Types to Consider; The 6 different types of business insurance for companies to consider are workers' compensation, liability insurance, commercial vehicle insurance, property insurance, errors and omissions, and data breach insurance.](https://images.ctfassets.net/dzdmblwsahji/5SGVgj85c4lT6264dFAaHo/3b6a77eedfe49ac12bff7cab4a0e19c9/Group_411.png?fl=progressive&fm=jpg)
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What Is Business Insurance?
6 Types of Business Insurance for Companies to Consider
Workers’ compensation Liability insurance Commercial vehicle insurance Property insurance Errors and omissions Data breach insurance
Workers’ Compensation
Pros and Cons of Workers’ Compensation
Liability Insurance
General liability insurance: General liability insurance, also called public liability insurance, protects you in the event of someone being injured on your commercial property. If a customer fell and broke her hand in your store, your general liability insurance would cover any legal fees if she sued you, as well as her medical expenses. The average cost of general liability coverage is about $500 a year for small businesses. Product liability coverage: If you sell products, you might want to consider product liability coverage, which will protect you from paying out of pocket for any legal fees related to issues with your product, such as defects or malfunctions. Product liability may be included in general liability coverage. Bought separately, if you break out the cost, the rule of thumb is $.25 per every $100 of product sales.
Pros and Cons of Liability Insurance
Commercial Vehicle Insurance
Pros and Cons of Commercial Vehicle Insurance
Property Insurance
Pros and Cons of Property Insurance
Errors and Omissions Insurance
Pros and Cons of Errors and Omissions
Data Breach Insurance
Pros and Cons of Data Breach Insurance
Choosing the Right Type of Business Insurance
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About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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