What types of insurance do small businesses typically need to protect themselves and their assets?

As a licensed attorney, I can advise that small businesses need various types of insurance to protect their assets and themselves from potential financial risks. These insurance types include:

1. General Liability Insurance: This insurance helps the small business to cover the costs associated with legal claims arising from bodily injury or property damage caused to a third party.
2. Property Insurance: This insurance protects the small business from major monetary losses if their property gets damaged by theft, vandalism, or a natural disaster like a fire, flood, or earthquake.
3. Professional Liability Insurance: This insurance is also known as Errors and Omissions (E&O) Insurance. It covers the legal costs associated with third-party lawsuits related to an error in service or advice provided.
4. Business Interruption Insurance: This type of insurance covers the costs of lost income due to a disaster or an unforeseen event that temporarily halts the operation of the business.
5. Workers' Compensation Insurance: This insurance covers the employee's medical expenses and lost wages if an on-the-job injury occurs.
6. Cyber Liability Insurance: This type of insurance protects the small business from financial losses associated with cyber threats like hacking or data breaches.

It is essential for small businesses to review their insurance options according to the nature of their operation and seek advice from an insurance broker or an attorney to ensure adequate coverage. It is important to note that each policy may have limitations or exclusions, and it is crucial to review the terms and conditions carefully.

In conclusion, obtaining sufficient insurance coverage is crucial for small businesses to protect their assets and safeguard themselves from potential legal claims.