What type of insurance policies should a new small business owner consider purchasing?

As a new small business owner, there are several types of insurance policies to consider purchasing to protect your business against possible risks and liabilities. These include:

1. General liability insurance: This type of insurance is essential for all businesses, regardless of size or industry. It covers bodily injury, property damage, and advertising injury claims. General liability insurance can also cover legal fees and settlements that result from lawsuits.
2. Property insurance: This type of insurance covers damage or loss of property due to theft, fire, or other types of disasters. Property insurance can also cover the cost of repairing or replacing damaged equipment or inventory.
3. Workers' compensation insurance: If you have employees, workers' compensation insurance is mandatory in most states. It covers medical expenses and lost wages for employees who are injured or become ill on the job.
4. Professional liability insurance: This type of insurance is also known as errors and omissions insurance. It provides coverage for businesses that provide professional services, such as consulting or accounting, in case of negligence or mistakes.
5. Cybersecurity insurance: With the rise of cyber threats, cybersecurity insurance can protect your business against data breaches, cyber attacks, and other cyber risks.
6. Business interruption insurance: This type of insurance provides coverage for loss of income and extra expenses that arise from an unexpected event, such as a fire or natural disaster, that interrupts your business operations.

Limitations or exceptions to insurance policies can vary depending on the policy provisions, the type of business, and the jurisdiction. It's important to review your policy carefully to understand its limitations and exclusions. In addition to purchasing insurance policies, it's also recommended to implement risk management strategies to minimize potential risks and liabilities.

It's important to consult with an experienced insurance broker or a licensed attorney to determine the most appropriate insurance coverage for your specific business needs. An attorney can also review insurance policies and provide guidance on potential legal risks and obligations.