Every small business faces a number of potential threats, from weather and fire to lawsuits and theft. To protect your company and give you peace of mind, you need a business insurance policy to cover your vulnerabilities. If you are unfamiliar with the various types of commercial coverage, the information below will help you better understand some of your options.

5 Types of Essential Business Insurance

1. Property Insurance

Two different types of property insurance are available. The first protects your building or business site against losses due to fire, storms, falling objects, and other disasters. The other type covers the contents of the building, including furniture, inventory, electronics, and other equipment used in day-to-day operations.

2. General Liability Insurance

This type of business insurance protects you in the event that you or an employee accidentally injures someone or damages their property. It pays for medical treatments, property repairs, and any legal fees that arise from the incident. This type of insurance is popular with real estate agents, general contractors, and consulting firms, but could apply generally to any business. 

3. Professional Liability Insurance

This insurance covers any losses caused to patients or clients due to a mistake made in a professional capacity. It is also called "errors and omissions coverage" or "malpractice insurance." Professional liability insurance is an essential expense for medical practices, law firms, accounting agencies, consulting firms, and other types of professional businesses.

4. Workers’ Compensation

Workers’ compensation insurance pays for medical expenses and loss of wages that occur if you or an employee experiences a workplace injury or illness. Workers’ comp requirements vary state-by-state. Nebraska state law requires employers with one or more workers to buy coverage, whether the employees are full-time, part-time, seasonal, temporary, or under the age of 18.

5. Data Breach Insurance

If you store financial or personal information about your clients or customers on a computer network, you could be vulnerable to a data breach that puts your clients at financial risk. This coverage pays for lawyer fees, court costs, and settlement or judgment amounts if you are sued after such a breach. If you hold your clients’ credit card information on file online, this type of coverage is essential. 

For invaluable guidance designing a business insurance policy, contact First State Insurance Agency. They have locations in David City, Beatrice, and Hickman, NE and have been serving the region for more than 60 years. In addition to commercial insurance, they also specialize in auto, life, health, renters, and homeowners insurance. Visit their website or call (402) 979-7585 to request a quote.