Every business needs to have insurance. That’s a given. And while there are some types of business insurance requirements that are universal, there are also some that are niche or industry specific. In the following paragraphs we’ll teach you about some of the specific types of insurance you might need, depending on what kind of business you run, where you run it, etc.

Life Insurance

Life insurance is something that many people resist, but it is a must if you own even part of your own business (yes, even if you decide to incorporate it, or sell it off for a small profit and stock options). If something should happen to you before you retire or sell your interest in your business, life insurance can help keep expenses covered while the partners or managers you have left behind figure out what to do with the company. It acts as a sort of financing cushion while your death is dealt with (as cold as that sounds) in whatever way your former partners and loved ones see fit.

Home Based Business Insurance

Many people who run businesses out of their homes believe that their home owner’s insurance policy will cover anything that might go wrong with their business. It exists within the home, after all! Most of the time, however, your homeowner’s insurance will only cover a small portion of claims made in the name of a home based business and the amount of coverage you get will be very small. It is in your best interest then, says the Insurance Information Institute, to talk with your insurance provider about adding an endorsement to your existing homeowner’s insurance policy or to set up a separate (but connected) insurance policy specifically to cover your home business’s losses, damages, etc.

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Contractor’s Insurance

If you are going to be working in contracting or construction, your insurance needs are going to be a little more complicated than an office-based business. For example, in addition to your business general liability insurance quote, you’ll also want to look for bonding, worker’s comp, tool and equipment coverage, etc. It is best to get all of these insurance policies through a single company that specializes in contracting and construction. They will know what your city and state require you to have before you start work on a project.

They will also know if you might need to have specific types of insurance for specific types of projects. Don’t skip this step! The last thing you need is to show up for work and get shut down immediately because you failed to obtain adequate insurance coverage!

Product Liability Insurance

If your business has anything to do with physical products—even if all you do is distribute or sell something that someone else has invented and manufactured—you need to have product liability insurance. This is because every company that has anything to do with physical products is professionally responsible for both keeping the products and the people who handle them safe. If you or one of your employees gets hurt by that product, this is the insurance policy that will cover the fallout from that.

Insurance is weird by nature. It’s weird to pay a bunch of money for something that you hope you’ll never have to use. Even so, the rule of them has always been that it is better to have too much insurance coverage than too little. When you are setting up your business insurance, make sure to ask your agent and your company’s lawyer if there are any types of insurance—outside the universal coverage plans—that you are required to buy. They will help you make sure that you are completely covered and protected.

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Founder and chief editor of Blogger, Affiliate Marketer, Tech and SEO geek. Started this blog in 2011 to help others learn how to work from home, make money online or anything related to business and finances. You can contact me at

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