Basically, three types of insurance are available to protect your business: property, liability, and workers’ compensation. Workers’ compensation insurance is required by law in all 50 states. Although property and liability insurance are not always mandatory, it makes sense to protect all of your company assets with property and liability insurance.
Business owner’s policies are insurance packages that provide both property and liability coverage at one affordable premium. These packaged policies are available to most small and medium-sized companies and can be a good alternative to purchasing separate policies for liability and property insurance.