If you are starting a new business, you may feel overwhelmed by the myriad options that you can choose from when it comes to selecting business insurance policies. The good news is that you may not necessarily require all the different insurance covers that are provided; however, it is best to know what the different policies offer coverage for so as to make an informed decision on what would be best suited for your business. As time goes on and your business grows, you can contemplate additional policies to include in your business insurance. Here are some of the types of business insurance you can consider.

General liability business insurance

General liability works toward ensuring your business is protected from the threat of legal action due to instances such as injuries on your premises, negligence and more. With his type of insurance, your provider will not only pay for legal counsel but also any damages that are accrued from the lawsuit will also be paid out through your insurance. Small business owners may assume that this type of cover is only suited to large corporations but this could not be further from the truth. Smaller businesses need it even more as a costly lawsuit could bankrupt your entire business. This is why it is pertinent for all business to have this type of office insurance.

Professional liability business insurance

If your business focuses on providing services to your clients rather than the provision of goods, then you should contemplate getting professional liability business insurance. This type of cover works toward protecting your business against lawsuits pertaining to malpractice or claims of negligence. Basically, if there is a conflict when providing your services to your customers and it leads to a court case, it would be handled by this type of policy.

Commercial property business insurance

One of the main assets of your business is the property that you operate from. Commercial property business insurance is especially important if you own the premises outright as any damage to the property could lead to significant losses for your business. When contemplating this type of insurance, you have the option of choosing peril-specific policies. This means you can choose to insure the premises against bush fires and opt to leave out flooding if the location is not prone to the risk of water damage. Alternatively, you could opt to insure the property and the valuables against criminal activity and leave out natural phenomena. The decision will largely depend on your budget as well as imminent risks your business could be facing.