In today’s environment, there are so many ways that people leave themselves open to lawsuits. These lawsuits can damage a person or business’ reputation, not to mention the financial loss. Companies have had to file for bankruptcy and shut down, because of extremely large lawsuits filed against them.

Even when you are doing everything right and think you have all your assets protected, things can slip through the crack. This is why we wanted to provide you with an overview of the types of insurance any business owner should consider to protect their assets in the best manner possible.

The following is a brief overview of the types of business insurance you should consider. They cover everything from the assets of the business, to the employees and even the information of the clients. You really can’t do without any of these if you want to make sure you are properly protected.

General Liability: This coverage is required by law. It protects you and your employees in case of accident. It can drastically reduce the legal hassles involved with injuries or claims of negligence

Workers compensation: Coverage for employees that could get injured on the job. This doesn’t just apply to construction companies, it can apply to an office environment as well. For example, someone could injure their back when they replace the water bottle on the water cooler. So, you can never be too careful.

Product Liability: If you make or sell products, it is crucial to have product liability insurance. It will protect the company against financial loss, if a product were to cause bodily harm or injury to someone. Of course the cost of this insurance will be based upon the type of product and how it is used. For example a jeweler would not need as much insurance for their product as a car manufacturer.

Professional Liability: Anyone that offers services to the public, from doctors to even accountants, should have this insurance. It can protect against malpractice lawsuits, errors on tax forms, or even accusations of negligence. Many types of businesses are required to have professional liability, such as doctors, dentists, and many other health professionals to protect against malpractice. So if you are offering a service to your clients, make sure you know whether or not you need or are required to have this type of insurance.

In addition to many professional liability policies, companies are adding cyber liability coverage. As more and more information is stored online or on a shared network, the risk of this information getting into the wrong hands is much greater. This type of insurance will help protect the stakeholder’s in a business against cyber liability.

Commercial Property: With this type of insurance, your company’s assets are protected. For example, if there is a fire or act of nature that destroys the building, you will be covered to get the business back on its feet. In this coverage, things like lost income, business interruption, buildings, computers, papers and even money are covered. If your business is located in a high risk location or in a high risk business, this coverage can vary on costs.

Home-Based Business: One thing to keep in mind with home based businesses, your homeowner’s insurance doesn’t cover business losses. In this case you may need to consider options listed above to protect the business as well as your property. Riders can be added to your homeowner’s insurance policy, but you will need to investigate this option with an agent.

It is important to take into consideration all the elements of your business, what you offer, what type of products do you sell or manufacture, how big is your organization and what are the potential risks to your business. Answering these questions will get you started in finding the right amount of coverage and give you peace of mind.