All business have associated risks. Some of these risks are unavoidable. For example, a natural calamity such as an earthquake may destroy your business premise. Such a thing happens unexpectedly, and you have no control over it. Numerous other risks hinder business growth. The safest way of preparing for unprecedented dangers is through taking an insurance policy.

When you insure a business, you transfer the risk to the insurance provider. You are required to pay a monthly or annual fee called premium to the insurance provider. The insurance company will compensate you in case the insured risk arises. You can insure all kinds of businesses against various threats. The following are some of the insurance policies that are suitable for all small businesses:

1. Commercial Property Insurance

This is an insurance policy meant to insure your physical property such as the buildings, office equipment inside the building, property in transit and many other tangible things. With this kind of policy, your business premise will be covered against inferno damage, theft, vandalism, floods and different type of damages. This sort of insurance policy is vital for all small business. Small businesses in most cases have little capital. Therefore, in case a calamity strikes the business premise, your business is highly likely to fail if you are not covered.

2. Workers Compensation Insurance

In any business, an employee is prone to get injured in the course of duty. An injured employee may sue you as the business owner. If the court finds the suit valid, you will be required to compensate the injured employee. With this kind of insurance, you have no reason to worry since the insurance company is responsible for paying the injured employee.

3. Product Liability Insurance

This insurance policy is crucial for businesses that deal in production of goods such as foodstuffs. A customer may develop a complication such as a stomachache after consuming your product. You are held liable when a customer develops complications after consuming your product. Product liability insurance covers you in case such a thing occurs.

4. Life Insurance

This is another essential insurance policy for a small business owner. With this insurance policy, your family is protected if you happen to die. Death may cause your family to have financial constraints. This kind of insurance will be crucial in case of such an occurrence. Some life insurance policies also covers you as the policyholder in case of a critical illness. This means that your treatment costs will be covered by the policy provider.

5. Commercial Auto Insurance

If your business has vehicles, you require this policy. Commercial auto insurance provides cover for your business vehicles. This means that if a vehicle encounters an accident, you will be compensated. The goods ferried by the vehicle are also protected in case of a crash. There are two major types of commercial auto insurance. The most common with small businesses is third party cover that protects the vehicle occupants only in case of an accident. The other type of commercial auto insurance is a comprehensive cover. In this cover the vehicle is protected in case of a crash.

6. Data Breach Insurance

If in you store customer and employee data, you require this policy. This is because data breaches are likely to occur. A data breach policy protects your business from data loss. A data breach policy also protects your business from data leakage to the public.