Owning your own business can be complicated, and there are a lot of things to think about. Your immediate thoughts may go to office supplies, start-up costs, paying employees, and making sure expenses get paid. However, another cost that you may not think about but that is just as important is business insurance. There are several types of insurance you should have for your business, outside of just the simple property insurance. A proper Business Owner's Policy should have at least the following insurance included.

General Liability

General liability insurance is the basic insurance that will cover your business if injury or damage has been done to someone else or their property. This is an insurance policy that all business owners need to possess, even if they are only a virtual company. It is also wise to have insurance covering any service or product you sell, as well as the equipment you use to cover it.

Auto Insurance

If you own a company vehicle, you will want to make sure you have a commercial auto insurance policy. You need a policy that will cover not only any employee in the vehicle, but also any product that is being carried in that vehicle.

Worker's Comp

Regardless of how careful your company is, accidents will happen. Worker's compensation insurance will cover any medical costs your employee incurs, as well as a percentage of lost wages. The reason this insurance is so necessary is that it protects you from any lawsuits your employee may try to file against your company regarding the incident.

Data Breach Coverage

In this day and age with so much in digital format, it is imperative that you protect both you and your client's personal information. You will need to make sure you have insurance that covers all of your computers, servers, paper files, and any archiving software you use to keep confidential information confidential.

Umbrella or Gap Insurance

Even with all of the above insurance, it is a good idea to have a gap insurance policy. Umbrella insurance policies act as an extension to your current policies. They are often a fluid style plan, meaning they cover all of your other insurances and claims that may be filed. They are your last form of coverage.

The previous insurances are just the absolutely vital insurance policies you should have included in a Business Owner's Policy. When you get a BOP created for your company, the insurance company will often bundle the services together so you can reduce the overall price.