Business insurance helps cover the costs associated with property damage and liability claims. Without business insurance, business owners may have to pay out-of-pocket for costly damages and legal claims against their company. If you’re an entrepreneur, continue reading to learn about the types of business insurance you may need most:Commercial Property InsuranceCommercial property insurance helps protect your owned or rented building and equipment that you use to run your business. This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm. Be aware that this insurance doesn’t cover damage from earthquakes or floods. You’ll likely have to get a separate policy, like commercial flood insurance, to help protect your business from these kinds of claims.Professional Liability InsuranceThis coverage protects against financial loss as a result of malpractice, errors, and negligence. Professional liability insurance helps cover lawsuits claiming that you made a mistake in the services you provided. This type of insurance is also known as errors and omissions (EO) insurance.Workers’ Compensation InsuranceWorkers’ compensation insurance gives your employees benefits if they get hurt or sick from their job. These benefits can help:Pay for their medical billsReplace most of their lost wages if they miss work to recoverCover funeral costs if they lose their life due to a work-related injury or illnessPay for ongoing care, like physical therapyMost states require businesses with employees to carry workers’ compensation insurance. You can face fines, penalties and criminal charges if you don’t comply with your state’s law.Commercial Umbrella InsuranceCommercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.Cargo InsuranceCargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for if a covered event happens to your freight. And these covered events are usually natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy.Commercial Auto InsuranceCommercial auto insurance helps protect you and your employees on the road if you drive company-owned vehicles for business. It can help cover property damage and bodily injury claims from an accident your business causes. This is important because a personal car insurance policy won’t help cover third-party claims in an accident you cause with a business-owned vehicle.Here at GVS Insurance, we offer Umbrella, Cargo, Commercial, Auto, and Bonds. Do you have a business? We can help you protect your business and your employees with our best prices for workers comp and commercial policies. Contact us today!