Insurance is an often overlooked component of small business risk management.
This is especially true for solopreneurs and non-employee startups who work remotely or have little physical interaction with customers.
Depending on what your business does and how you do it, there are many options for commercial insurance policies.
The most common policies are:
You can also find coverage for cyber protection, home-based business insurance, commercial flood insurance, and more.
A basic general liability policy is going to cost an average of $250 - $500 per year and covers basic property damage and bodily injury claims.
It's also worth checking if your state requires some type of commercial policy. In most cases proof of insurance will be required before a business license is granted, but it's always better to do your due dilligence so you can avoid any potential fines or gotchas.
The Hartford offers a list of insurance policies by state to see what requirements each state has, but it is always best to check with the Secretary of State or local business licensing agency.