7 Types of Insurance Coverage That You Need for Your Small Business

Carrying the right insurance policies with the right coverage limits shields businesses from being financially wiped out due to underinsured or uninsured business losses. Within 10 years, about 40% of all American businesses file a claim with their insurer. This means that there is a good chance that your business insurance will be of benefit at some point. Moreover, the cost of liability for businesses is on the rise. From 2016 to 2018, for example, the average cost of commercial tort liability rose by 14%. While this growth is significant, the increase in liability costs was even greater for small businesses, according to the U.S. Chamber Institute for Legal Reform.