Insurance is one of those things in life that can be categorized under the love/hate relationships bracket.

Like it or not, nobody enjoys paying insurance premiums. However, when the inevitable happens, we pride ourselves in having the foresight to invest in it. Of course, we also love the fact that we don't have to deal with the burden of the cost related to the incident.

As a business owner, you quickly realize that certain incidents can destroy your business if a claim is laid against you, and you're not covered. To help you protect your business, we have compiled a list of essential insurance that your business can not afford to be without.

General Liability 

Although general liability insurance is not required by law, it's something that every business should invest in. This form of coverage protects your company against third-party claims. It includes things such as advertising and personal injury lawsuits. Visit this page to learn more. 

Unemployment 

Although unemployment insurance is legally required, it's not purchased from an insurance broker. It covers your employees in case of termination or job loss. As an employer, you're eligible to pay federal and state unemployment taxes (FUTA and SUTA) that cover this. If an individual loses his work, he can claim unemployment benefits. 

Disability 

Short-term disability insurance (SDI) protects your employees if they get injured or fall sick due to circumstances that are not work-related. Employees will be paid a percentage of their income for three to six months. It provides your employees with peace of mind, and it has the potential of making you a more competitive employer. 

Workers' Compensation

Workers' compensation insurance is legally required. Failure to adhere to this legality may result in a hefty fine and, in rare cases, criminal penalties. This form of coverage protects your employees against work-related incidents. If an employee gets hurt on the job, the insurance will cover their medical expenses. It also pays a percentage of their income while they're recovering.

In case you get sued by an employee for a work-related injury, this insurance will protect your business. It will cover the legal costs involved with the lawsuit. 

Property 

Property insurance applies to more than just the physical building. It also covers moveable property such as computers, furniture, stock, and office equipment. 

Acquiring this form of coverage protects your business against crime and acts of God. It would also help if you considered adding a 'loss of earnings' clause to this policy. It will protect your businesses income while your company is unable to operate. 

Commercial Auto  

This form of cover protects your company's vehicles and contents from theft and collision. If your employees use their own transport for business purposes, then it might be relevant to add non-owned auto liability to your insurance policy. It will protect you in case your employee is not insured or has inadequate coverage. 

Employment Practices Liability Insurance (EPLI) 

EPLI protects your business against disgruntled employees. Running a fair working environment doesn't take away the importance of this cover. Small businesses tend to be the most vulnerable to these kinds of lawsuits. The reason for this is that they typically don't have a legal department or full-scale HR team.

Companies are often sued for wrongful termination and employment discrimination (sexual harassment, racial discrimination, etc.). This insurance protects you against the cost of defending these claims.

Be Prepared 

Insurance, contrary to popular belief, is not a luxury; it's a necessity. There are many unforeseen events in life that will destroy you and your business if you're not covered. Wisen up and protect your business with comprehensive insurance.