Since every small business has different needs, there is no longer a one-size-fits-all coverage out there; as such, you are sure to find a plan that truly suits your business’ unique needs. Here are the categories and types of insurance that, depending on your business, would be invaluable for you to invest in:

• Property Insurance. This would cover any physical damage or loss your business may suffer, from the building to the supplies and equipment you use.
• Business Interruption Coverage. This would protect your business’ earnings in the event that you have to close your doors due to an incident. (Note: if you operate your business out of your home, do not assume that your homeowners insurance would cover this loss; check with your provider first.)
• Commercial Vehicle Insurance. If your business uses vehicles regularly to operate (whether you own them or rent them), this is important coverage to have.
• Life Insurance. If you work with one or more business partners, life insurance will cover the finances that need to be handled after the death of a partner.
• Liability Insurance. There are three types of liability insurance, each suited for different business types:
  1. General Liability: covers injury, property damage, medical expenses, and lawsuits.
  2. Product Liability: covers safety issues related to the malfunctioning of a product.
  3. Professional Liability: covers small business owners who provide a service, in the event of malpractice or error.
• Workers Compensation Insurance. It is possible that, if your business has employees, you have a legal obligation to purchase workers compensation and unemployment insurance; this is the case for any business in the state of Illinois. You may also be required to have disability insurance to cover an employee’s sickness or injury outside of work.

Remember: Insurance is not just about protecting your business as it exists today, but also to protect your business in the future when it comes time for you to pass your business on to a successor.