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Do I Need Business Insurance?

Business insurance is a necessity for small businesses. Without it, you may pay large sums out-of-pocket for damages and legal claims.

    Matt Sherman
  • Last updated onUpdated

  • Shelbi Wescott

    Shelbi Wescott

    Managing Editor

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Key Takeaways
  1. If you have more than one employee, you're legally required to provide worker's compensation, unemployment, and disability insurance. You might also need to show proof of insurance if you are renting commercial property or before you can take out a business loan.
  2. An inexpensive general liability insurance policy can cost as little as $25/mo, making it a worthwhile expense for peace of mind. Other benefits might include writing the insurance off on your taxes,
  3. There are many types of niche insurance options that may interest small businesses depending on its industry.
Matt Sherman

Matt Sherman

Lead Staff Writer at Merchant Maverick
Matt has been helping small businesses make decisions since 2017. He has written reviews and articles across many different channels but specializes in the point of sale, payroll, and small business insurance categories and has been quoted in articles for Fox Business, Forbes, and other publications. Prior to joining Merchant Maverick, Matt was a journalist and editor for 14 years for a pair of weekly newspapers. He is a graduate of the University of Oregon and currently resides in Gladstone, Oregon.
Matt Sherman
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Matt Sherman

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