Essentially, there are six broad areas of exposure for a small business. These include property, time element, crime/vandalism, automobile, liability, and worker’s compensation.
While not every business will have exposures in all the areas above, it is recommended that a small business insurance analysis be done before you select the type of insurance you need, or from which you will benefit the greatest.
Most, if not all, states require worker’s compensation insurance if a business has any employees. An assortment of governmental agencies may require certain types of insurance, such as contractor’s insurance and bonds for contractors, which is required by the Contractor’s State License Board; or commercial automobile insurance as required by the Public Utilities Commission. Just be sure to do your homework, and/or consult with your insurance agent about your specific state small business insurance requirements.