What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

What is it: This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to a mistake or error made in a professional capacity.

Why get it: Your business may have contracts with clients or partners that require Professional Liability coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, Professional Liability coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

What is it: D&O insurance provides protection to a company's directors and officers in the case that a claim is made against them, alleging wrongdoing in their role for the business.

Why get it: This coverage is sometimes required by new directors or officers as a condition of serving or employment because they don't want to put their personal assets at stake. Sometimes outside investors, such as venture capitalists or other banks, will also require D&O policies before providing funding.

What is it: Cyber Liability insurance helps to protect a company that has been the victim of a cyber attack or data breach. When confidential records are breached, companies face a variety of fees (e.g., notification costs, credit monitoring, defending claims by regulators, fines and penalties), and this policy will help to cover those claims

Why get it: If your business collects or stores personally identifiable information on customers or employees digitally, there's the risk that this information may be breached and your company will face significant fees. Cyber Liability insurance, alongside cyber security and an effective response plan, is a simple way to protect your business from these potential costs.