Thinking about starting a business—or already in the thick of it? You’re not alone. According to the U.S. Chamber of Commerce, entrepreneurship is booming. In 2023 alone, 5.5 million new small business applications were filed—an 8.1% annual increase and the largest number ever recorded in a single year.
As more people bring their business dreams to life, there’s also a growing need for smart, reliable protection. That’s where business insurance comes in. It helps safeguard your company from unexpected losses—from property damage and legal liability to loss of income and employee-related issues—so you can focus on what you do best.
In this guide, we’ll break down the essentials of business insurance with expert insights from Anne Russo, Director of Small Business Underwriting at Central Insurance.
What Insurance Policies Are Essential for My Business?
Anne Russo shares that four core policies typically form the foundation of a strong business insurance plan.
1 – Commercial Property Insurance
This coverage helps protect your business’s physical assets—like buildings, office furniture and supplies, tools, electronics, and equipment. If your business is impacted by fire, theft, or other loss, property insurance can help cover repairs or replacement costs. It may also include lost income during your recovery period.
If you’re a small or mid-sized business, you might qualify for a Business Owner’s Policy (BOP). A BOP bundles property and liability coverage into one convenient, comprehensive package. It’s a great option to explore with your Andres O’Neil & Lowe agent.
2 – General Business Liability Insurance
Liability insurance helps protect your business from lawsuits or other liabilities that may arise from accidents, product issues, or other incidents related to your operations. It’s important not to rely on personal insurance here—business activities require their own dedicated coverage. Business liability insurance ensures that legal or financial repercussions from business activities do not impact your personal assets.
“One of the biggest misconceptions among small business owners is the belief that certain liability risks or potential losses won’t happen to them,” Russo shares. “For example, you might believe the likelihood of a customer slipping and falling in their store is minimal, or you won’t get into an accident while running a quick business errand. However, these risks are real, and having the right coverage can prevent a minor incident from becoming a major financial burden.”
Even small businesses face cyber threats. In fact, they’re often more vulnerable due to limited cybersecurity infrastructure. Cyber coverage can help protect your business from data breaches, ransomware attacks, and digital fraud. Andres O’Neil & Lowe offers a suite of cyber coverage that can protect your business from cyber threats that could otherwise cripple your operations and bank account.
Want to dive deeper? Check out: Why Your Business Needs Cyber Insurance
Workers’ comp shields your business from financial losses if an employee gets hurt on the job. Most states require it—even if you only have one employee (including part-time, seasonal help, and family members).
Beyond the legal requirement, this coverage helps foster a safer workplace and protects your business from costly liability claims, such as wrongful termination or discrimination.
What If My Business Has Unique Risks?
Every business is different, and your insurance should reflect that.
“A lot of it relies on what you’re physically doing or producing as to what sort of policy is best,” Russo explains. “For instance, a business operating from a fixed location, like an insurance agency, may only need coverage for property and liability at that location. In the event of a loss event like a water leak, this type of business could easily find a temporary workspace until repairs are made. In contrast, a restaurant is more involved, requires additional coverage, and can’t necessarily move to another location easily if something were to happen. Your agent can work with you to understand the specific risks associated with a particular industry to ensure proper coverage.”
That’s why it’s important to work with an agent who understands your specific industry risks and can tailor your policy accordingly.
What to Bring to Your Insurance Meeting
To make the most of your conversation with an agent, it helps to be prepared. Here’s what Russo recommends gathering ahead of time:
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Correct business name, entity, and address on the current policy (especially if you own the building but rent it out)
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Accurate contact info for policy and claim communication
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A clear, detailed description of your business and any side work (e.g., an electrician who also installs security systems)
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Owner’s experience and start date (some industries are harder to insure for new businesses)
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Details about property assets (furniture, roof age, etc.), payroll, annual sales, number of employees, and coverage needs
Keeping accurate records of property values, annual income, and payroll is essential for securing the right coverage and ensuring fair premiums and a smooth claims process if anything happens. “In the event of a loss,” Russo adds, “having up-to-date records allows the claims team to quickly assess the situation and determine the appropriate payout. Accurate records are also necessary for adjusting premiums based on changes in business operations, such as increased sales or hiring additional employees.”
A Few Final Tips for Smart Coverage
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Be realistic about your deductible. A higher deductible lowers your premium, but make sure your business can absorb the cost if you need to file a claim.
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Review your coverage regularly. As your business grows, your insurance should grow with it.
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Choose a carrier with a strong financial rating—look for an AM Best rating of A- or higher.
Ready to Protect Your Business?
Business insurance is more than a checkbox—it’s a powerful way to safeguard your investment and support your future.
Ready to take the next step? Connect with Andres O’Neil & Lowe to explore the best business insurance options for your goals. We’re here to make sure your business is protected—and positioned for long-term success.
