7 Types of Insurance You Should Never Skip (And How to Get the Best Quotes)

You know what’s more terrifying than dropping your phone face down on concrete? Living without the right insurance. 😅

Look, I get it. Insurance feels like paying for something you hope you’ll never need, but trust me—when life throws its signature curveballs, you’ll wish you had it. So grab your coffee (or that lukewarm tea you forgot about), and let’s run through 7 types of insurance you should never skip—and how to snag the best quotes without draining your wallet.

1️⃣ Business Insurance: Because “I Didn’t Know” Doesn’t Pay the Bills

If you’re building your dream business, the last thing you need is a lawsuit or disaster wiping you out. Business insurance helps cover property damage, legal issues, and employee injuries

How to get the best quote:
Shop around with at least 3 insurers, and don’t shy away from bundling policies. Sometimes, just asking for discounts (yes, really) can lower your premium.

When I first started my business, I thought business insurance was something only “big corporations” needed. You know, the ones with glass buildings and espresso machines that actually work. I was wrong—painfully wrong.

Here’s the deal: business insurance isn’t a luxury; it’s a necessity.

Imagine this: a client slips and falls in your office. Or your laptop (the one with all your client data) gets stolen. Or you’re hit with a lawsuit you didn’t see coming because of a contract misinterpretation. Without business insurance, these “oops” moments can wipe out your savings, your business, and your sanity overnight.

What Exactly Is Business Insurance?

Think of it as a protective bubble around your business. It covers:

Property Damage: Fires, theft, vandalism, and natural disasters can destroy equipment, inventory, or your office space.
Liability Coverage: If someone sues you for injury or damages, your insurance helps with legal costs and settlements.
Business Interruption: If your business has to shut down temporarily (hello, unexpected flood!), this can help cover lost income.
Workers’ Compensation: If you have employees, you’re legally required in most states to cover them for on-the-job injuries.

In short, it’s the safety net your business needs to survive life’s curveballs.

“But I Work From Home, Do I Still Need It?”

Yep. Many home-based business owners skip insurance, thinking their homeowner’s policy has them covered. Spoiler: it doesn’t. Most homeowner policies exclude business-related claims, leaving you exposed if a client gets hurt during a home visit or if your business equipment is damaged.

Even freelancers and online business owners can face liability issues or data breaches that could cost thousands. Business insurance can help you sleep at night knowing you’re covered.

How to Get Business Insurance Without Breaking the Bank

I get it—cash flow is king, especially when you’re just starting out. Here’s how to get the best coverage without spending your entire marketing budget:

✅ Assess Your Needs: A graphic designer will need different coverage than a bakery. List your business activities, physical assets, and potential risks to determine what you need.

✅ Compare Multiple Quotes: Don’t just take the first offer your current provider gives you. Get at least 3 quotes from different insurers. It’s shocking how much prices can vary for the same coverage.

✅ Consider a Business Owner’s Policy (BOP): This bundles general liability and property insurance, often at a lower rate than buying them separately.

✅ Ask About Discounts: Some insurers offer discounts if you’ve been in business for a while, have a good claims history, or install security measures.

✅ Review Annually: As your business grows, your insurance needs will change. Check your policy every year to ensure you’re not underinsured (or overpaying for coverage you don’t need).

Final Thoughts

Business insurance isn’t just another bill—it’s an investment in your business’s survival. You’ve worked hard to build your brand, get clients, and make an impact. Don’t let a single unexpected event erase everything you’ve built.

I like to think of business insurance as an umbrella. You might not need it today, but when the storm comes, you’ll be glad you have it. And in business, storms always come eventually.

If you’ve been putting off getting covered, consider this your nudge to take action today. Your future self (and your bank account) will thank you.