9 Essential Types of Business Insurance
1. Workers Compensation Insurance (Required) One of the three types of business insurance that, if you have employees, may be required by law is workers’ compensation. States require most employers to carry workers’ compensation insurance in case employees are hurt on the job. This is definitely a requirement that you don’t want to take lightly. Failure to purchase the required amount of coverage can result in fines and, rarely, even in criminal penalties. 2. Unemployment Insurance (Required) Unemployment insurance is another government-required type of insurance coverage. This small business insurance covers your employees in case of a job loss or termination. Unlike workers comp or many of the other types of business insurance, unemployment insurance is not something that you purchase from an insurance carrier. 3. Disability Insurance (Required) Disability insurance provides guaranteed payments to employees at a percentage of their income if they’re unable t...