The first insurance coverage to begin with is general liability insurance. General liability insurance coverage can be as low as $100,000 each incident. The recommended limit is purchasing a million dollar liability insurance policy. The cost difference is minimal compared to catastrophe that may affect your business.
The second coverage is professional liability. Professional liability insurance coverage provides coverage in case a customer accuses your business of providing inadequate, or negligent acts.
Additional insurance coverages include workers compensation, auto liability, crime, cyber security, data breach, health, dental and vision, life, and disability insurance.
Many business industries can elect to purchase a business owners insurance policy. A business owners insurance policy provides coverage for business liability, property, income, cyber and data breach, dishonesty, crime, and many other valuable coverages. The insurance cost for a business owners policy can be as little as $500 per year.