Owning a small business is hard — and knowing what type of insurance to have forthat business? Even harder. Having the right insurance will help your businessin the long run, especially as you’re trying to help your business grow.Business insurance helps you cover costs associated with property damage andliability claims, and will prevent you from paying high out-of-pocket costs fordamages and potential lawsuits. Essentially, business insurance will protect youfinancially in the event of a potentially devastating event. > But what kind of business insurance should you have? Every business is different, but the bottom line is you need business insurancein some way or another. There are many varieties of business insuranceavailable, so there are certain things you need to ask yourself when consideringwhat type of insurance to get. You need to consider: the type of work you do,what kind of physical property you have (if any), equipment, intellectualproperty, your employees, and your customers. What are the basic insurance needs for small businesses? Most businesses are required to have a Businessowners' Policy (BOP), which isspecifically designed for small businesses. It includes business property andgeneral liability coverages and offers broad coverage for a low premium. In aBOP, you can customize your specific coverage based on what you need for yourbusiness. What happens if I don’t have insurance? When you don’t have insurance, you’re putting your business at risk of financialdevastation. One accident could mean you end up paying thousands — if not more —out of pocket to cover the costs. This could result in closing the doors of yourbusiness for good.