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ith more than 30 million small businesses in the United States, it may come as a surprise that 44% of small businesses have never had any kind of insurance coverage.

We get it — as a small business owner, you may feel lost in the maze of insurance options. Understanding the types of insurance available, navigating complex policies, and finding affordable insurance solutions can be challenging. We’re here to make it a little easier for you! 

In this article, we’re going to explain seven different types of small business insurance, what each covers, and the average costs. 

1. Commercial Property Insurance

Commercial property insurance, or business property insurance, protects your business’s physical location from losses in the event of a fire, natural disaster, theft, or vandalism. Commercial property insurance also protects your furniture, business records, and inventory, as well as any equipment used to conduct business. 

  • Who needs it: Companies that own or rent physical space, equipment or tools, and companies that house inventory or other valuable assets.
  • Average cost: The median cost of commercial property insurance is $63 a year.
  • Novo note: While property insurance does cover some natural disasters, it does not cover earthquakes or floods.

2. Liability Insurance

Generally speaking, liability insurance protects a business from financial responsibility for injuries, damage, or other third-party claims. There are several types of liability insurance.

General Liability

General liability insurance provides financial protection in the event of a third-party claim such as bodily injury, property damage, or personal injury, including libel or slander. 

  • Who needs it: In general, businesses interacting with customers or clients should have general liability insurance. Some businesses, like construction companies and other service providers, are required to carry this insurance.
  • Average cost: Based on a Hiscox survey of 50,000 small business owners, the average cost was $30 a month or less.  
  • Novo note: General liability does not cover workers’ compensation or commercial vehicle liability. See below for a deeper dive into both of those options.

Errors & Omissions Insurance

Errors & Omissions (E&O) insurance, also known as professional liability insurance, protects your business from claims of professional negligence, failure to deliver a product on the agreed deadline, misrepresentation, or other errors in services provided.

  • Who needs it: Businesses that provide a paid service to a client, such as accounting, engineering, or marketing and advertising firms.
  • Average cost: The range is $500 to $1,000 per employee per year.

Data Breach/Cyber Liability Insurance

Did you know that 60% of small businesses fold within six months of a cyber attack? Cyber liability insurance helps companies cover costs accompanying data breaches and cyberattacks, including but not limited to legal fees, data recovery costs, and business interruption costs.

  • Who needs it: Businesses that handle Personal Identifiable Information (PII), like medical records or credit card numbers, as well as companies storing anything in the cloud.
  • Average cost: According to a 2021 survey, the average cost of cyber liability insurance was $132 per month.
  • Novo note: There are two types of cyber liability insurance – first-party cyber liability insurance and third-party cyber liability insurance. First-party insurance covers costs directly associated with a data breach or cyber attack, while third-party insurance includes coverage of legal costs.

Product Liability Insurance

Product liability insurance covers legal fees and settlement costs if your product causes harm to a customer. 

  • Who needs it: Businesses that manufacture, distribute, and/or sell a product.
  • Average cost: Oftentimes, product liability is included with the cost of general liability, but check with your provider to confirm coverage.
  • Novo note: Along with legal fees, product liability insurance can also cover the injured customer’s medical bills.

Workers’ Compensation Insurance

Workers’ Compensation, or Workers’ Comp, provides coverage for medical expenses, lost wages, and disability payments to an employee if they are injured on the job.

  • Who needs it: Every business with employees is required by the federal government to have workers’ compensation insurance. 
  • Average cost: The median cost is $45 per month. Costs will fluctuate depending on the risk involved in your industry.

3. Business Interruption Insurance

Also known as business income insurance, business interruption insurance protects your company from lost income due to property damage. This includes coverage for operating expenses like wages and payroll as well as tax, mortgage, and rent payments.

  • Who needs it: Companies with a physical business space, whether commercial or home-based. 
  • Average cost: Between $40 and $130 per month.
  • Novo note: Property insurance policies cover the cost of property damage, but not the loss of income resulting from property damage. You’ll need to add business interruption insurance on top of your commercial property coverage to get both benefits.

4. Health Insurance

We’re sure you’ve heard of this one! Health insurance helps employees cover the cost of medical expenses, including doctor’s visits, prescriptions, and medical emergencies. 

  • Who needs it: Businesses with fifty or more full-time employees are required to provide health insurance. 
  • Average cost: The average annual premium for employer-sponsored health insurance in 2022 was $7,911 for single coverage, with the employer contributing $6,581 on average. 
  • Novo note: Business owners with fewer than 50 employees may still want to consider offering health benefits as a way to attract and retain talent.

5.  Commercial Auto Insurance

If vehicles used for your business are involved in an accident, commercial auto insurance covers medical payments and property damage related to the accident.

  • Who needs it: Most states require businesses that utilize company-owned vehicles to have commercial auto insurance. If you have vehicles titled to your business; drive to and from worksites; transport tools, equipment or employees; or rely on drivers to deliver your products, you should consider commercial auto insurance.
  • Average cost:  The median cost is $142 per month.
  • Novo note: Personal auto insurance policies do not cover vehicles that are used specifically for business purposes. 

6. Home-based business insurance

Home-based business insurance covers property, equipment, and records for home-based small businesses. 

  • Who needs it: Small business owners who run their company out of their home.
  • Average cost: The median cost is $63 per month.
  • Novo note: Homeowner’s insurance policies typically do not cover business equipment and records.

7. Business Owner’s Policy (BOP)

A Business Owner’s Policy (BOP) is a bundle of the most common insurance products for small businesses. BOPs typically include general liability insurance, commercial property liability insurance, and business interruption insurance.

  • Who needs it: Recommended for small business owners who rent or own a workspace.
  • Average cost: The median cost of a BOP is $57 per month.
  • Novo note: Not only are BOPs quick and convenient, you’ll also end up paying less than if you purchased policies separately.


In this guide, we provided an overview of seven types of insurance you may need for your business. You’ll want to seek out guidance from specialists and brokers to help you choose the options that fit your business best. Also, be sure to utilize resources such as the Small Business Administration website for help understanding legal insurance requirements and getting coverage recommendations.

Novo Platform Inc. strives to provide accurate information but cannot guarantee that this content is correct, complete, or up-to-date. This page is for informational purposes only and is not financial or legal advice nor an endorsement of any third-party products or services. All products and services are presented without warranty. Novo Platform Inc. does not provide any financial or legal advice, and you should consult your own financial, legal, or tax advisors.

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