No question about it: Having small business insurance is essential to protecting your business from the many risks—and potential financial burdens—that you face. But it’s also true that obtaining that insurance isn’t a task that anyone really looks forward to!

In some instances, your client may request that you provide them with something called a waiver of subrogation. Also called a waiver of transfer of rights of recovery, this waiver, which is associated with your small business insurance, means that your insurer gives up the right to seek payment from your client if it’s determined that the client or one of its employees was partially responsible for an incident.

Every small company needs business insurance, and every business insurance policy has a “limit,” meaning how much it will pay for a covered incident. It’s important that your coverage increases as your business risk increases—like when you hire more people, start working for a larger number of clients, or take on different types of work or new types of clients.

For people who work alone or own a small business, self-employed liability insurance to cover various types of business risk is essential. Without proper business insurance for self-employed people, one lawsuit can result in a financial burden that ends in bankruptcy.

Insurance for caterers is a term used to describe a group of insurance policies that are important to food service businesses. Also known as insurance for caterers, food service insurance, or food liability insurance, these policies protect food service businesses from many types of risk, such as employee injuries, injuries to customers and other non-employees, plus liability from accidents in company-owned vehicles.

Company insurance is a catchall term used to describe different insurance policies that protect businesses from the cost of legal liability and losses. For example, if your employee damages a customer’s property, they can sue you. In that instance, a general liability policy can protect you. Or, if equipment you need to run your business is damaged, a business owners policy (BOP) may cover the replacement cost.

Small business insurance provides important financial protection for the policyholder—the company or self-employed individual that purchases the policy. In some cases, however, others may want to be covered by the policy to some degree as well. This is where an additional insured endorsement may be needed.

If you own a small business where vehicles are used to make deliveries, travel to meetings or work sites, run errands, etc., you’ve probably wondered, “Do I need commercial car insurance?” That’s an important question to ask, since even minor accidents can produce major financial burdens if they aren’t covered by insurance.

It’s crucial that companies have the right insurance for small business. Just as importantly, when incidents occur and insurance claims are made, insurance claims payouts should happen quickly and efficiently.