What is it: This coverage protects physicians and other licensed health care professionals (e.g., dentists, nurses) from liability associated with wrongful practices resulting in bodily injury, medical expenses and property damage.

Why get it: The potential for a lawsuit is high in medical professions, and this coverage will help protect your business from the costs of damages and legal fees.

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: 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: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

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: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits.

Why get it: This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

What is it: This policy covers the cost to repair or replace specific equipment damaged by a covered event (such as mechanical breakdown or electrical failure) as well as associated business costs, such as lost income that may occur due to the equipment failure.

Why get it: This coverage is often recommended if your business utilizes valuable equipment or relies upon the consistent functionality of equipment. For example, restaurants often rely upon the consistent functionality of refrigerators and stoves, and the loss of perishable goods could be quite costly.