The 5 Types of Small Business Insurance Policies To Get in 2022

There are multiple different types of insurance small business owners can get. Choosing a type of insurance policy can be overwhelming because all businesses are different. Many business owners start with a basic layer of protection, then add on other insurance coverage later. As a small business owner yourself, you need to be aware of the other types of insurance policies that are available. Read on to know the types of small business insurance policies to get in 2022.

Business Owners Policy

To start, get a Business Owners Policy, also known as a BOP. A BOP combines general liability insurance and property coverage together. Also, it includes coverage in case of a customer injury, property damage, and claims directed and commercial building coverage. Business Owner’s Policies also cover any lost revenue due to closing for a covered claim. Of course, a BOP will not cover your employees. This type of coverage is ideal for small and midsize business owners. Certainly, you should obtain BOP insurance coverage.

General Liability

Next, one of the most common types of business insurance is general liability protection. Business liability insurance protects your company from business-operation-related claims. If your business works directly with fulfilling customer needs, general liability insurance is required. When someone is injured or you damage someone else’s property, this insurance covers the cost of any damages. Say you own a retail store and a customer fell and broke a bone inside your shop. The customer sues you for bodily injury and the court awards them $100,000 in damages. With general liability insurance, the insurer will cover your legal fees and pay the damage. Surely, make sure your business is covered with general liability insurance.

Professional Liability

Also, professional liability protection is another common small business insurance policy to consider. Professional liability insurance is not required for most businesses. Professional liability insurance protects your business from any malpractice and negligence toward customers. Physicians are required to purchase malpractice insurance as a condition of operating in certain states. Before purchasing this type of coverage, look into your state government to see if it is required. Indeed, small business professional liability coverage may be an insurance option.

Property Coverage

Next, obtain commercial property coverage to protect the location of your business. Commercial property insurance pays out for any type of damage or loss to physical property. Say your property or inventory catches on fire, is struck by lightning, or is impacted by any other natural disaster damage. In this event, property insurance covers the cost of repairing and replacing the damaged items. Of course, some types of damage are excluded. Any damage that is caused by a flood or water is not included. If you add on any endorsements, it can extend your coverage. Indeed, small business commercial property insurance offers more coverage to your entire firm.


If you’re operating an online business from your house, purchase home-based insurance policies. Home-based insurance is a smart choice if you host clients or vendors. Also, this type of policy picks up what your homeowner’s insurance does not cover. A home-based insurance policy includes coverage for business-owned computers, equipment, files, and property. Plus, it also extends to liability. Absolutely, think about a home-based insurance policy for your office or workshop.

Obtain these insurance policies for your small business in 2022. With these policies, you can protect your business, as well as yourself. Start with a Business Owners Policy (BOP) to cover your entire organization. Next, look into general liability insurance for protection against customers. After that, see if your business or state requires any professional liability insurance coverage. You should also, see if you will need any property coverage in case of a natural disaster. Furthermore, having home business insurance will cover the materials and equipment you use. These are the best small business insurance policies to get in 2022.

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