Depending on your small business insurance needs, you likely should get multiple forms of coverage. This can get confusing if you aren't sure what type of coverage to choose or what it can do to keep your business safe.

Check out what is generally covered under the insurance and what you should keep in mind when purchasing it.

Commercial General Liability Insurance

Commercial general liability insurance is essential if you have a storefront or office that customers, employees, or both enter or use. If someone other than an employee is hurt in an accident or another incident that involves bodily injury, general liability insurance can protect your business in the event that you get sued. This also applies to someone getting hurt by any products, services, or other parts of your operation.

It's useful to talk with an insurance agent about how much coverage you could benefit from based on your type of business and its unique needs. That way you aren't underprepared in case something happens.

Business Owner's Policy

A Business Owner's Policy (BOP) is a type of insurance policy specially designed for small businesses. While the coverages that are included can be unique to the small business’s needs, a BOP typically includes both property insurance and commercial general liability insurance in one package. This can help protect your business from a range of common risks, such as property damage, theft, and liability claims.

BOPs are often more affordable than buying separate policies for each type of coverage, and they can be customized to meet the specific needs of your business. Talking with an insurance broker like Acrisure can help you tailor your BOP to your particular business’s needs.

Professional Liability Insurance

Professional liability coverage, also referred to as errors and omissions insurance, protects you and any of your employees in case they get sued over a mistake. For example, if a legal assistant does not review a business contract and causes the client to lose money in a business deal, they, along with other members of the law firm, could be sued. Having insurance in place can protect the law firm from any damages they could face.

Even if your company is part of an entirely different industry, the same idea still applies. Professional liability coverage can help ensure that you are able to run your business as normal in the event of a suit.

Commercial Auto Insurance

If your company deals with cars, transportation of goods or people, or anything else that requires transportation, then having commercial auto insurance is a must. This coverage protects against physical damage and different types of vehicle-related liability situations that your company could find itself in. It is especially important to protect yourself and those who work for you in case an accident occurs during transportation.

When choosing this type of insurance, you'll need to figure out how much you'll need based on your business, employees, and the number of vehicles in your fleet. Insurance brokers like Acrisure can help you with this step.

Product Liability Insurance

Having product liability insurance is important if you sell a product that your consumers use, and there is an issue that occurs with the product. Perhaps it breaks, causes injury, or otherwise damages something that your customer uses, such as a floor cleaner ruining their floor. Consumers might misinterpret how a product is marketed, use the product for some other purposes that were not part of a disclaimer, and choose to sue.

By having this type of coverage on hand, you can protect your business regardless of what happens.

Cyber Insurance

Data breaches are frequently publicized in the news, and while you normally see them mentioned in relation to large companies, they can happen to small businesses, too. Depending on the type of cyber attack that happens, this could cause great financial loss for your company and even force you to go out of business if you are not prepared.

Cyber insurance with data breach coverage is helpful if you store customer information, accept credit card payments, or have other factors that could cause you to be a target of hackers or other cybercriminals. Keeping your company as safe as possible can help your customers trust you and continue to do business with you, too.

Commercial Umbrella Insurance

A commercial umbrella policy can handle a variety of additional problems not covered by the other insurance types. Commercial umbrella insurance provides coverage that goes further than a regular business insurance policy, and it can be useful to have in high-risk situations or if you're worried about the current limit of your other policies being maxed out.

Keep in mind that commercial umbrella coverage is not stand-alone; you'll need to have other insurance policies, such as general liability or professional liability, before using it. It can give you peace of mind if you are worried about an intense situation, though.