As business owners ourselves, we know — you’ve worked hard to build your dream business in Boston. Really hard. And when it comes to protecting your hard-earned work, having the correct business insurance is crucial. Why? Because accidents happen. Very. Expensive. Accidents.

Luckily, having the proper insurance can protect your employees, your customers, and your investment. For example — say your restaurant was the victim of a data breach, and your patrons’ credit card information gets compromised. Would you have the resources to identify and resolve the source of the breach, notify all of your customers, and then deal with any damages resulting from the hack? Or imagine this scenario: someone slips and falls on the stairs in your building after a particularly bad snowstorm. Not only do they break a leg and sprain their wrist, but they also chip their two front teeth. Could you afford their costly medical and dental bills? If you’re not sure, read on! Just one single incident shouldn’t have to be the end of your livelihood.

Here are the Lighthouse Insurance top-five business insurance coverages we recommend you invest in.

General Liability

General Liability insurance helps cover expenses like legal fees or medical expenses when something happens on your property. It protects you, your business, and your staff against claims resulting from property damage or bodily injury. This insurance can even protect you from copyright issues and instances of libel, slander, or misleading advertising. For example, say your taxi company accidentally uses a copyrighted slogan. You’ve painted it on all your cars and even paid for a few digital and print ads. Now, someone wants to sue. The proper taxi insurance coverage could be a lifesaver.

Commercial Property Insurance

If a fire, wind, or hailstorm took place in Boston and damaged the building your business is in, commercial property insurance would protect your business’ physical assets. For example, say a nasty storm blows through town knocking down a tree in front of your restaurant, which then shatters your floor to ceiling glass windows and ruins all your tables, chairs and place settings. Having the right amount of commercial property coverage included in you Restaurant and bar insurance could save you a lot of money in repairs. This type of insurance coverage also covers acts of vandalism.

Liquor Liability

Liquor liability insurance protects establishments that serve alcohol, whether you are a casual fine dining restaurant, pizza shop or bar. It protects these businesses when anyone they’ve served alcohol to subsequently injures him or herself or others, or if he or she damages someone’s property. Massachusetts made this insurance a requirement to obtaining a liquor license in 2010. And while this is now a mandatory coverage, the required limits are often not enough to fully protect a bar or restaurant in the face of an accident. Which is why we suggest you consult an independent agent today to figure out what liability limits your unique business should have.

Cyber Liability Insurance

Cyber liability insurance is quickly becoming a necessary part of any business insurance package. A cyber security insurance policy can offer coverage for data loss, fines, losses resulting from identity theft, reputation management, and more. Data from Travelers Insurance states that the average amount a business has to pay for a single compromised account is $217. Now multiply that by the number of clients your business serves…it really adds up quickly. Could your business afford that on your own? Unfortunately, almost 60% of small businesses attacked by a data breach close their doors within six months. Avoid becoming a part of that statistic by adding cyber liability to your insurance package.

Commercial Auto Insurance

Commercial auto insurance covers any vehicle that you own, lease, rent, or borrow for business purposes. If you’re using any vehicle for work, whether it’s a catering van, a truck for your plumbing business, or your fleet of limos, it’s crucial that you have a good commercial auto insurance policy. Without it, a lawsuit from someone injured in an accident involving your company’s vehicles could mean the end of your business.

It’s always said that business owners wear many hats. Leave the insurance hat to a Lighthouse Insurance agent! For questions about what business insurance might be right for you, call us at 617-464-3777 or visit us at our convenient office in South Boston at 470 West Broadway.