Business Insurance Basics: What Every Small Business Owner Should Know

You Started Your Business with a Dream—Now Let’s Protect It.

Running a small business is no small task. Whether you're a contractor, boutique owner, or run a service business from home, you're juggling everything—from operations and customers to payroll and late-night bookkeeping.

But when it comes to insurance, many business owners have two questions:

“Do I really need that?”

“Am I paying for things I don’t need?”

Let’s break it down.

1. General Liability Insurance

This is your “just in case” coverage.It protects you if someone gets hurt at your business or if you’re held responsible for property damage. If a customer trips on your floor or a product causes harm, general liability can help cover legal and medical costs.

✔ Recommended for: All businesses, even home-based ones.

2. Commercial Property Insurance

Covers your stuff—from buildings to inventory.Even if you rent your space, you likely have equipment, tools, or products that would be expensive to replace after a fire, theft, or storm.

✔ Recommended for: Retail shops, offices, warehouses, or anyone with physical assets.

3. Business Auto Insurance

If you drive for work, your personal auto policy may not cover you.Whether you're delivering goods or just driving between job sites, business auto insurance ensures you're protected during work-related travel.

✔ Recommended for: Contractors, realtors, delivery drivers, and anyone using a vehicle for work.

4. Workers’ Compensation

Required in most states (including Iowa) if you have employees.It helps cover medical costs and lost wages if an employee is injured on the job—and protects your business from potential lawsuits.

✔ Required: If you have employees.✔ Smart to have: Even for family-run operations or part-time help.

5. Professional Liability (aka Errors & Omissions)

If you give advice or provide a service, this one’s for you.It covers you if a client claims your service caused financial harm—even if it was unintentional.

✔ Recommended for: Consultants, tech professionals, real estate agents, and more.

Bottom Line:

Every business is different. The right insurance policy doesn’t come from a one-size-fits-all checklist—it comes from understanding your risks and finding the right protection for your work, your assets, and your peace of mind.

Let’s Talk About Your Business.

We’ll ask the right questions, explain your options, and shop multiple carriers to find coverage that fits.

Call us today (515) 832-5557 No jargon. No pressure. Just honest advice from people who get it.