What insurance do I need for a small business?

If the answer’s yes to either, or both, of those questions, you need general liability insurance.

Because one customer slipping and falling is all it takes to find yourself on the wrong end of a lawsuit. And without insurance that’ll cost you. You’re looking at medical bills, legal fees, court costs and compensation too, if you’re found at fault.

General liability insurance can take care of the costs of a legal claim. If you accidentally damage a client’s property, it can pay for repairs, or replacement. And by adding equipment cover to your general liability policy, the tools of your trade are protected from loss or damage, too.

If the answer’s yes, you need professional liability insurance (or errors and omissions as it’s also known). Without it, if a client claims you made mistake and sues, you’ll have to cover the costs of a legal claim. And if you’re a professional, clients can sue even when you’ve done nothing wrong.

Professional liability insurance takes care of the costs of a negligence suit. You’ll get an attorney to defend you, your legal fees paid and compensation due, too.

If you answered yes to any of those questions, you need cyber liability insurance. Email fraud, ransomware attacks – they’re on the up. And small businesses like yours, with less money for strong cyber defenses, are easy targets.

Cyber insurance can protect your company by giving you the technical support and tools to recover from an attack and stay in business. That includes paying for the recovery costs, which can be crippling.

Even if you’ve only got one person working for you, you’re legally required to have workers’ compensation insurance. Because accidents do happen. And the cost of workplace injuries can be crippling. Without insurance you’ll have to cover your employee’s medical expenses and missed wages. If they sue, you’ll have legal costs to pay, too.

As an employer, you’re also at risk of employment-related lawsuits – for discrimination, sexual harassment, wrongful termination or failure to promote. And as these days, workers know their rights, lawsuits are on the rise.

Employment practices liability insurance (EPLI) protects your business from the cost of employment suits brought by potential hires, employees currently on your payroll, and terminated employees.

If you’re faced with a claim, you’ll get an expert lawyer to defend you, your legal expenses paid and compensation, if you’re liable. Even if the claim is groundless

Corporate organizations are protected by other kinds of liability insurance. Individuals are not. Which means if you’re on the board of directors and you get sued for wrongdoing, you’ll have to pay the costs of a lawsuit yourself. And unless you have very deep pockets, that could put your personal savings and even your home at risk. In the event of a claim, directors’ and officers’ insurance pays your legal defense fees and compensation if its due. Because being on the board shouldn’t mean putting your personal assets on the line.