Whether you need insurance depends on your business activities and the amount of liability exposure that you have from the activity. In addition, insurance may be required for employees (such as worker's compensation insurance, state disability insurance, or unemployment insurance).
Some common forms of business insurance include:
(1) commercial multi-peril policies (covering a variety of exposures)
(2) liability insurance covering premises, activities, and products
(3) business interruption insurance
(4) surety and performance bonds
(5) employee fidelity bonds
(6) malpractice and errors and omissions coverage
In deciding whether to purchase insurance, an analysis of your risk exposure should be performed. If you are unable to determine your risk of loss from engaging in business, contact a commercial lines insurance broker.
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