Select the type of business insurance you need 

The protection you get by selecting a business structure, such as an LLC or corporation, generally only protects your personal property from lawsuits, and even that protection is limited.

Business insurance can cover those gaps to ensure both your personal and business assets are fully protected from unexpected catastrophes.

In some cases, you may be required by law to purchase certain types of business insurance.

The federal government requires all businesses with employees to carry workers’ compensation, unemployment, and disability insurance.

Type of business insurance

Additional insurance is also required in some states. Laws requiring insurance vary by state, so check your state’s website to find out the requirements for your business.

Six Common Types of Business Insurance 

After purchasing the insurance required by law, you can find other insurance that covers any other business risks. As a general rule, you should have insurance against things you couldn’t pay for on your own.

Contact with insurance Brokers in Brisbane  find out what type of coverage makes the most sense for your business, and compare terms and prices to find the best deal for you. Here are six common types of business insurance you can look for: 

Type of Business insurance 

General liability insurance 

Product liability insurance 

Professional liability insurance

Commercial property insurance 

Home business insurance

Business Owner’s Policy

Four steps to buying business insurance 

Assess your risks. Think about what kinds of accidents, natural disasters, or legal claims could hurt your business. If you need help, the National Federation of Independent Businesses (NFIB) has information on selecting insurance to help you assess your risks and give you peace of mind that you’ve insured all aspects of your business. 

Look for a reputable and accredited agent. Business insurance brokers can help you find the policies that meet your business needs. Since they receive commissions from insurance companies when they sell policies, it’s important to find a reputable broker who cares about meeting both their needs and their own.

Search well. Prices and benefits can vary considerably. You should compare the rates, terms, and benefits of insurance offered by different brokers. 

Reevaluate every year. As your business grows, so will your responsibilities. If you have purchased or replaced equipment, or expanded your operations, you should contact your insurance broker to discuss changes to your business and see if they affect your coverage.