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You might think you know all of the facts about business insurance, the mechanism that protects your company should you experience theft, property damage or injury. You most likely already have some sort of coverage, but we’re guessing that you might not be an expert on the more obscure types. Read on to see if these lesser-known options could make your business more secure.

One of the most important of these coverage types is professional liability insurance. Sometimes known as errors and omissions coverage, this protects you if either you or one of your employees makes a mistake that harms a client or that client’s property. Depending on the industry in which you work, your agent can customize a policy that will protect you against mistakes or failure to perform, including assisting with legal costs if you are sued.

Even if you only have one employee, you should also provide worker’s compensation insurance, which is to the advantage of both workers and employers. From your standpoint, having this insurance covers you in the event that a worker is hurt or becomes ill on the job, providing him or her with disability or death benefits. Worker’s compensation insurance guards you against costly lawsuits while assisting your valuable workers with the expense of medical treatments.

And speaking of employees, do you have that one person your company would crumble without? If so, you might want to consider getting a business life insurance policy. If a valued and seemingly irreplaceable employee should die suddenly, think of the knowledge that could be lost. Business life insurance will give your company the resources it needs to keep going while tackling the job of finding a replacement with the same set of skills and expertise.

Perhaps you already have insurance that helps you with repairs and recover losses after a natural disaster or other damaging event. While that is essential, it may not be enough. Business interruption insurance coverage compensates you for income that you have lost when you were not able to open your doors due to the damage you incurred.

The weather doesn’t have to result in a hurricane to put your company at risk. A slew of rainy or snowy days could be enough to put your business under if you work out of a physical location and rely heavily on foot traffic. Income stabilization insurance coverage can help you ride out the bad weather and loss of income.

A final type of coverage you might not be aware of is cyber liability insurance. In this day and age, most businesses have a website. Whether you use your site for online orders or simply as a way to communicate with customers, chances are there is a large database of customer information stored. From credit card numbers to business leads, the last thing you need is for your business to lose money as a result of a lawsuit stemming from a cyber attack.

As a savvy and conscientious business owner, you are attuned to the needs of both your customers and your employees. Having a total insurance package that includes everything you require to protect your company will provide that same level of care to the business you have worked so hard to build. So take the time to talk to your insurance agent today.

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