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Business Insurance

Business insurance protects your business, employees, and assets. When you choose the right coverage for your needs, a variety of possible scenarios are covered. 

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How Much Business Insurance Do You Need?

The size and type of your business, and your state and local regulations can impact how much and the types of business insurance you need. 


A business owners policy (BOP) is the most basic and general type of insurance you can buy to protect your business. It combines general liability with property insurance and has great savings benefits compared to buying separately. However, depending on the type of business you have, a business owner's policy may not be sufficient. There may be other business insurance coverages that can benefit your business' longevity, although they may not be required by law.

Below are the different types of business insurance policies one may consider.

1  —

General Liability Insurance

General liability insurance protects your company from claims made by a third party (e.g., customer or competitor) due to bodily injury, advertising injury, or property damage. This coverage is required for running any business - commercial property and casualty insurance is simply required by law.

Commercial general liability typically covers:

  • Attorney fees

  • Court settlement fees

  • Bills resulting from bodily injury, property damage, etc.

2  —

Workers Compensation Insurance

Workers compensation insurance, also known as workers' comp, is required in every U.S. state except Texas. Even if it's not required, it is an important insurance to have to avoid potential legal liabilities down the line.


This insurance is designed to protect workers and their families in the event of a work-related injury. If a worker is injured at work that prevents them from working for a certain period of time, then they are entitled to certain benefits including death benefits, partial wage replacement and medical treatment.

5 —

Cyber Liability Insurance

Nowadays, cyber attacks are negatively impacting individuals and businesses of all sizes. This is why cyber liability insurance is critical in protecting your business against cyber incidents such as data breaches and security compromises.

The cyber liability coverage typically includes:

  • Fees to notify all parties affected by the incident

  • Attorney fees

  • Legal penalties

  • Costs to investigate incidents and recover business, etc.

4  —

Professional Liability Insurance

Professional liability insurance covers many of the same types of risks as any general business insurance policy, but tailored specifically for those who provide professional services, such as architects or consultants.Also known as errors and omissions insurance, it helps protect against lawsuits that arise due to clients who are unsatisfied or otherwise harmed by the services that you provide. In addition to legal fees associated with defending yourself against the lawsuit, it also covers any loss resulting from the error. 

3  —

Commercial Property Insurance

Commercial property insurance protects the physical elements of your business, including commercial property, structures, inventory, equipment, and other assets. Any business owner who owns or rents a property should have commercial property insurance.


Commercial property insurance typically helps protect against incidents such as vandalism, break-ins, burglary, burst pipes, fire, etc. However, flooding and earthquakes are typically not included and are additional add-ons to the policy.

What is Business Insurance? 

Business insurance is designed to protect your business from unexpected events that could put you at risk, including accidents, lawsuits, natural disasters, and more. From liability insurance to property coverage, business owners are typically required to carry certain types of coverage. Depending on the type of products or services offered, you may also need commercial automobile, property, and cyber liability insurance.

Let's Talk Numbers

Total Auto Premium Saved by Cranbrook Clients

USD $25,000

Average Annual Auto Insurance Premium Discount

USD $1,500

Average Time to Find Best Auto Insurance Policy Using Cranbrook

2 Minutes

© 2023 by Cranbrook Agency.

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