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Core policies
General liability
Covers bodily injury and property damage you cause to others, medical expenses, and claims of libel or slander, including legal defense. A customer slipping in your shop or you damaging a client’s property are typical claims. See our general liability guide.
Commercial property
Covers buildings, equipment, inventory and furniture against fire, storms, theft and vandalism. Flood and earthquake usually need separate cover.
Business income (interruption)
Replaces lost income and pays ongoing expenses if a covered loss forces you to close temporarily.
Business owner’s policy (BOP)
Bundles general liability, property and business income, usually for less than buying them separately. See our BOP guide.
Professional liability (errors and omissions)
Covers claims that your advice or service caused a client financial loss through mistakes, negligence or missed deadlines. See professional liability.
Workers’ compensation
Pays employees’ medical bills and lost wages for work injuries and protects you from most related lawsuits. Required for employers in almost every state; see workers’ comp.
Commercial auto
Covers vehicles owned or used by the business. Personal auto policies generally don’t cover work driving beyond commuting. See commercial auto.
Cyber insurance
Pays for data breach response, ransomware losses, data restoration and liability to customers. See cyber insurance.
Other policies to consider
| Policy | What it covers | Who should consider it |
|---|---|---|
| Product liability | Injury or damage caused by products you make or sell | Manufacturers, retailers, e-commerce sellers |
| Commercial umbrella | Extra liability above other policies’ limits | Businesses with significant liability exposure |
| Employment practices liability (EPLI) | Claims of discrimination, harassment or wrongful termination | Businesses with employees |
| Inland marine | Tools, equipment and goods in transit or at job sites | Contractors, photographers, mobile businesses |
| Surety and fidelity bonds | Guarantees of contract performance; employee theft | Contractors, businesses handling client money |
| Directors and officers (D&O) | Claims against leaders’ management decisions | Businesses with boards or investors |
| Key person life insurance | Income if an essential owner or employee dies | Businesses dependent on one or two people |
Quick guide by business type
| Business | Likely policies |
|---|---|
| Freelance consultant working from home | Professional liability, general liability, cyber |
| Retail shop | BOP, workers’ comp, product liability |
| Contractor | General liability, commercial auto, workers’ comp, inland marine, bonds |
| Restaurant or café | BOP, workers’ comp, liquor liability where needed |
| Online store | General and product liability, cyber, BOP if holding inventory |
What it costs
| Policy | Median monthly cost | About per year |
|---|---|---|
| General liability | $45 | $538 |
| Workers’ compensation | $54 | $648 |
| Business owner’s policy (BOP) | $83 | $990 |
| Professional liability (E&O) | $88 | $1,056 |
| Cyber insurance | $129 | $1,548 |
| Commercial auto | $245 | $2,940 |
Source: Insureon, median premiums paid by its small business customers (February 2026). Most of these customers had one to four employees and revenue under $100,000.
For more, see how much small business insurance costs.
Frequently asked questions
What are the main types of business insurance?
General liability, commercial property, business income, professional liability, workers’ compensation, commercial auto and cyber insurance. A BOP bundles the first three.
What insurance do I need for an LLC?
The same as any business: usually general liability, plus others based on your risks. The LLC structure doesn’t replace insurance.
What’s the difference between general and professional liability?
General liability covers physical injuries and property damage; professional liability covers financial losses from mistakes in your services or advice.
Do I need product liability insurance?
If you make, distribute or sell physical products, yes. Some general liability policies include limited product cover; check yours.
What is an umbrella policy for business?
Extra liability cover that applies when the limits of your general liability, auto or employer’s liability policies are used up.
Sources
- U.S. Small Business Administration – Get business insurance
- Insureon – Small business insurance costs (Feb 2026)
- Insureon – Commercial auto insurance cost (Mar 2026)
- State Farm – Small business insurance
- Business Wire – The Hartford bolsters small business cyber insurance (Sept 2025)
- Maine Bureau of Insurance – Insuring your home business
Insurance prices, discounts and rules change often and vary by state. Figures were checked in October 2026; confirm details with the insurer or your state insurance department.