From the day you decide to start a company to its pilot stage and eventual start-up, a lot can go right or wrong. To be on the safe side and cushioned against any uncertainties, small and large businesses need to be well insured. It's necessary for small business owners to find the type of business insurance that meets their needs and covers all the risks they're likely to be exposed to. Below, we'll go over the different types of business insurance explained, which will, in turn, make it easier to understand and choose the right one.

1. Professional Liability Insurance

Professional liability insurance (PLI) or Professional Indemnity Insurance (PII)is also known in the USA as errors and omissions (E&O). It's a type of insurance that protects small businesses, large businesses, and individuals (who provide professional advice and services) from incurring the cost of defending themselves against a carelessness and negligence claim. A client can make such claims in a lawsuit, which results in the defendant paying out compensation.

To prevent your business and employees from being repeatedly sued, you need to be intentional in your dealings and educate yourself as much as possible. To that effect, it's not a bad idea to get a graduate-level business degree. The coursework included in an MBA will broaden your scope in the business sector and make you more knowledgeable about everything from accounting to business administration.

Faulkner University has an executive master of business administration (MBA) program operated by their business school. They offer online classes that teach modern management practices, finance, decision making, marketing, business analytics, quantitative reasoning, strategic thinking, information systems, and many more in as little as a year. This can be instrumental in the growth of your business. If you find yourself enjoying the coursework and wanting to learn more, you can even take your graduate degree to the next level and get a PhD, but that's not necessary. A master's degree will be more than sufficient to help you start a successful small business.

2. Property Insurance

As a business owner, you need to insure your business against disasters like floods, fire, earthquakes, thefts, etc. This will save you a lot of money, time, and stress. Your business insurance should be affordable enough for you. Also, your insurance providers should totally be on your side.

If you're not sure where to find the best companies and deals sites like iSelect can help. They're Australia's number one insurance comparison site that helps you find and get in touch with the best insurance companies. They don't sell insurance policies, seeing as they are mere intermediaries helping you find the best insurance providers available. However, they're swift and can furnish you with a lot of options very quickly. It'll certainly make your search for the best property insurance easy.

3. Automobile Insurance

Most businesses have vehicles they use for the transportation of employees and goods in the company's interest. Insuring your vehicles against accidents, fire, theft, and breakdowns is a great idea. However, you have to find a suitable vehicle insurance or auto insurance policy. 

Your commercial insurer should make sure that the policy covers all possible risks that could arise from using the vehicle since there are various types of vehicle insurance. Cars, trucks, bikes, and the like are machines and, as such, can breakdown at any point, especially if not well serviced regularly. Your insurance should offer coverage for the cost of your maintenance and repairs, and you should ask for additional information if there's any.

4. Product Liability Insurance

Aside from your general liability insurance, it would help if you had product liability insurance. No matter how well tested or safe your products are, it's not unusual to have customers who may think otherwise or react adversely to your product. This situation could open you up to lawsuits and you may have to pay for legal fees and to pay some amount of monetary compensation to the client. Product liability protects you as there are plans explicitly made to suit you and your business.