Business Insurance can protect your business from the consequences of many business risks, from natural disasters to employee injuries to customers who don’t pay on time. If you own a business or are thinking about starting one, you need to consider getting insurance coverage to protect yourself and your business assets in case something goes wrong. Here are the top five benefits of business insurance, so that you can make an informed decision on whether to get it and how much coverage you should buy.

1) Business protection

Insurance is a key part of every successful company’s risk management strategy. Having the proper coverage can help reduce financial losses and keep your business operating when unforeseen events occur. For example, if you own a retail store or some other kind of physical location, you should consider commercial property insurance to protect your building, equipment, and inventory from damage or theft.

2) Business liability

As a small-business owner, you’re liable for almost everything that happens to your customers and clients. If someone slips on a wet floor in your store, for example, you could be held responsible for her medical bills. Liability protection covers you if someone sues because of an injury at your place of business or if a client claims that faulty goods damaged his property.

3) General protection

Protection for what you own. Whether it’s a building, car, or even assets, general property protection covers loss to or damage of these possessions and assets. General property is usually inexpensive to purchase in small amounts, but policies can vary widely. Be sure you know exactly what your policy covers before buying a policy. Always read your policy carefully and ask questions about anything you don’t understand before signing on the dotted line.

4) Key person cover

Death or incapacitation is a huge risk to any business. You could lose your income and have nobody to take over if you are unable to work. There are two types of cover: key person life assurance, which pays out a lump sum in the event of death, and key person income protection, which provides an income for a set period after you’ve been off work due to illness or injury.

5) Cyber Protection

Any company that conducts business online is subject to security risks. If you’re in an industry that’s particularly susceptible to cyberattacks, such as healthcare or finance, then your company may need specialized cybersecurity insurance. This type of coverage provides protection against a wide range of potential attacks everything from ransomware and hacking attempts to data breaches caused by disgruntled employees. While it may be tempting to put off purchasing coverage until your company has been attacked, don’t wait: Prevention is always cheaper than mitigation.