Insurance checklist as business owner


  • General Liability If your business has a vehicle in its name, most states require this coverage. Beyond that, arguably, you need this if you are in business at all. It will help you manage risks, safeguard against losses and even gain tax benefits. It covers legal issues due to accidents, injuries and claims of negligence.
  • Product Liability If you provide products, this covers financial loss as a result of a defective product that causes injury or bodily harm.
  • Professional Liability If you provide services, this covers malpractice, errors and negligence in provision of services to your customers. Also called "Errors and Omissions Insurance," some professions such as physicians or certain financial professionals are required to carry it.
  • Commercial Property Insurance If your business has property, this covers loss and damage of company property due to events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. "Property" is broadly interpreted and may include buildings, computers, papers and money.
  • Disability Insurance If you are concerned about the possible loss of income when an illness or accident makes it impossible to work, this is an important policy to have.
  • Key Individual Insurance If your business has a central person, without whom the business would fail to thrive, this policy covers loss of income when a key, indispensable person suddenly dies, is injured or takes ill.
  • Home Business Insurance If you are operating out of your home, this will provide added protection. Homeowners' insurance policies do not generally cover home-based business losses. Riders may be added, but may not cover certain types of general and professional liability