Business owners are all too familiar with unexpected expenses. Unfortunately, many people who start a business do not properly account for the various types of insurance available. This may be a monthly expense, but it can save you thousands in legal fees, fines, and resources as well if you have the proper coverage. While an insurance professional will be able to walk you through each different plan available to decide which best meets your needs, you can learn more about each type that business owners should at consider to get started. Worker’s Compensation This type is less of a consideration and more of a requirement. Most states require those who have more than four employees to carry worker’s compensation. After finding out if your state requires worker’s compensation insurance, you’ll want to do some shopping around. Private commercial providers may provide competitive rates in comparison to your state’s administered worker’s comp fund. Additionally, private carriers may have more or higher quality resources available for you and your staff. When shopping for worker’s comp, ask about their ability to legally fight against fraudulent claims and their medical network in your area. Life Life insurance policies offer financial support and stability for the family after you pass. As an owner, you are certainly aware of the instability that comes from running a business. After the 2008/2009 economic recession, there’s no guarantee that yours will be able to provide for your family if the worst were to happen. In comes life, where you can obtain a life insurance policy that can help your family financially until they can replace management within or liquidate it to accommodate the financial burdens that come with an unexpected death. Additionally, you may be carrying a substantial amount of debt which can place even greater strain on your grieving family. Professional Liability Errors and omission insurance can cover from claims of negligence. Where many owners believe that they’ll only come across valid legal issues, that’s not always true. Consumers are often quick to file a negligence claim for any number of valid or invalid reasons. No doubt your industry will come with its own unique set of concerns. For example, if you’re manufacturing parts for vehicles, then you may face claims of negligence in design or failure to implement safety precautions, whereas food service establishments will likely see more slip-and-fall claims. Many manufacturers will also need to consider product liability insurance. This comes into play in very few, but very important scenarios. Product liability, similar to professional liability protects with coverage that is specific to the products they create. This type demands a lot of collaborating with your insurance provider. Property Insurance to cover your inventory, furniture, signage, equipment, and the property itself is necessary. A natural disaster is likely a possibility wherever you live. Tornadoes, hurricanes, flash floods, and earthquakes can ruin those that do not have proper coverage. When you’re working from home, be sure to check your policy for coverage of your business equipment. You can always discuss additional coverage options with your policy carrier as well to ensure that you have the coverage you need for your home and business. Home-based and commercial property insurance varies significantly. Be sure that you always keep a thorough and up-to-date inventory of your goods, as well as any equipment you have on hand. Additionally, it’s important to digitally backup any intellectual property if your physical data storage equipment takes on the damage. You don’t want to have to file a claim and not have information on what equipment and inventory you had at the time the damage took place. Interruption Fires, blackouts from hurricanes or severe weather, and even malware attacks. Any of these issues are possibilities that can cause damage in more ways than one. While your property policy may pay out compensation for the damages from a fire, they won’t help you recover from the weeks of lost income. Additionally, the WannaCry virus left hospitals, major companies, and even smaller operations that are incapable of conducting transactions normally for weeks. A disaster or any form of catastrophic even can lead those to suffer from lost income. Business interruption insurance can help a company avoid financial losses that come with these types of events. It’s possible that your current provider has a business interruption add-on for your plan. This is often the most overlooked type of insurance plan, however, when faced with a lawsuit, natural disaster, or catastrophe, it may be the saving grace you need to keep your doors open.