---
title: What types of insurance policies should a business have in place to protect against unforeseen risks and liabilities?
description: "\"Legal FAQs explores the essential insurance policies that businesses need to safeguard against unforeseen risks and liabilities. Protect your business with expert advice on what types of coverage you need. Read on for more information!\""
image: https://www.legalfaq.ai/hubfs/LegalFAQ/insurance-legal-faqs.jpg
---

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 March 22, 2023

# What types of insurance policies should a business have in place to protect against unforeseen risks and liabilities?

![Picture of Chris Battis](https://www.legalfaq.ai/hs-fs/hubfs/battis-mug.jpg?width=50&name=battis-mug.jpg) By  [Chris Battis](https://www.legalfaq.ai/faqs/author/chris-battis)  ·   1 minute read

As a lawyer, I advise businesses to consider several types of insurance policies to protect against unforeseen risks and liabilities:

1. General liability insurance: This policy provides coverage for property damage, bodily injury, and personal injury claims arising out of the business operations. It also covers defense costs associated with legal claims against the business.
2. Professional liability insurance: Also known as Errors and Omissions insurance, this policy covers claims arising from professional negligence, errors or omissions, or breach of duty. This policy is especially important for businesses in the service industry such as lawyers, accountants and consultants.
3. Property insurance: This policy covers any damage or loss to the business property, furniture or equipment as a result of theft, fire, or natural disasters.
4. Cyber liability insurance: This policy covers claims arising from data breaches or cyber attacks, including costs associated with notifying customers, restoring data and repairing reputation damage.
5. Workers’ compensation insurance: This policy covers employees' medical expenses and lost wages due to work-related injuries or illnesses. Depending on the jurisdiction, this may be a mandatory insurance coverage.

It is important to note that insurance policies have limitations and exceptions. For example, certain exclusions may apply to policies, which means that specific events or situations may not be covered. In addition, insurance policies usually come with deductibles and limits, which may impact the amount of coverage payable.

Businesses should seek the advice of an experienced insurance broker or attorney to determine the types and amounts of insurance coverage that are appropriate for their specific needs. Insurance policies should be carefully reviewed and updated on a regular basis to ensure that the business has adequate coverage against unforeseen risks and liabilities.

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