Business insurance usually includes building and business personal property, liability, business income, extra expense, etc. Business personal property is for the loss or damage of your business equipment, office furniture, computer, inventory, etc. Company-owned automobile is not considered business personal property. The liability coverage is for claims of property damage or bodily injury against your business. If the building is leased, depending on what the lease terms are, you may or may not be asked to buy insurance for the building.
If a loss happens, business income will cover the income you lose during the time of restoration if the business is suspended due to a covered peril. Extra expense covers the cost of keeping your business open during restoration. Extra expense would cover the cost of relocation and rental of the temporary location.
You might also need commercial auto insurance if you have employees that drive your company cars.
If you run a small business (revenue under $3 million dollars with fewer than 100 employees), you can get a business owner’s policy (BOP) which is customized to include most common parts, such as general liability, loss of income, etc.
If your business provides professional services, e.g., accounting firms, insurance agency, trade contractors (such as electricians), you will need professional liability coverages (a.k.a, Errors & Omissions) to protect you for claims against your services.
Worker’s compensation insurance is required for almost all states. (In Georgia, if you have 3 or more employees, you are required to have workers’ comp.) The insurance covers medical expenses if an employee suffers a work-related injury. It can also cover wage loss, death benefits, vocational rehabilitation, as well as lawsuits brought by the injured employee. You can also get employer’s liability insurance in case the coverage of workers’ comp is not enough.