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6 Common Types of Business Insurance

Chances are, if you’re reading this then you’ve had to purchase business insurance or need to purchase business insurance to satisfy a legal requirement.  Protecting your business, from risks that you can’t pay for on your own, is a necessity. As a small business owner, transferring risk to an insurance carrier is important so that you can feel protected if you have a loss.  Make sure that you speak to an insurance agent to find out what kind of coverage makes sense for your business, and compare terms and prices to find the best deal for your needs. Here are six common types of insurance to look for.

General Liability Insurance

This is the most common type of business insurance required by law.  This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.

Product Liability Insurance

Product Liability Insurance is for businesses that manufacture, wholesale, distribute, and retail a product.  This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.

Professional Liability Insurance

For businesses that provide services to customers.  This coverage protects against financial loss as a result of malpractice, errors, and negligence.

Commercial Property Insurance

This coverage is for businesses with a significant amount of property and physical assets.  Here is where you protect your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.

Home-Based Business Insurance

Coverage that’s added to homeowners insurance as a rider can offer protection for a small amount of business equipment and liability coverage for third-party injuries.

Business Owner’s Policy (BOP)

Most small business owners fit in to this category.  A business owner’s policy is an insurance package that combines all of the typical coverage options into one bundle.  They simplify the insurance buying process and can save you money.

If you are in the market for any of these types of insurance, feel free to contact me and I will help you through find the coverage that you need.


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Eric Mikolai

Eric owns and operates a small independent insurance agency in Eureka, CA. He has a Bachelors Degree in Business-Marketing and enjoys spending his time with his family. Eric also spends his free time giving back to the community through volunteer service. He is a Lions Club member, High School wrestling coach, serves on both of his daughters school PTO Boards, is the acting President of a mental health non-profit board of directors, 4-H Leader and much more. Through his insurance career he has learned to keep his clients and prospects needs first. Be sure to check out his blog posts for the latest tips on anything and everything you might need to know about business insurance!