If you own the property where your small business is located, you will need the right insurance policy protecting your building and assets. The Business Owner's Property Insurance (BOP) offers coverage to valuable assets, such as an owned or leased building, equipment, or inventory from damages caused by theft, vandalism or an act of nature. Even if you rent your location, you may still be required to have coverage by your landlord. These policies also protect you from any claims from anyone injured on your premises. It can also replace revenue lost as a result of damage to your location and property.
Using your vehicle just to travel to and from work is something that Personal Car Insurance would cover; but as the owner of a business, your vehicle may be used for deliveries or to transport new merchandise to your company. If your vehicle is involved in an accident while being used for business purposes your insurance company can deny coverage. This is why it is important your vehicles are covered by a commercial auto policy in case of an accident.
In most States Worker's Compensation is required by law. You can get yourself in major trouble if one of your employees is injured on the job and you do not have coverage. No matter how safety conscious you are accidents can and will happen. Worker’s Compensation covers your most valuable assets: your employees.