Think of your LLC as the seatbelt you wear while driving your business forward. It’s a critical safety feature designed to protect you, the individual, in case of a major crash. But the seatbelt does nothing to protect the car itself from damage. If you get into an accident, you still need insurance to cover repairs and legal costs. The same logic applies to your company. Your LLC is your personal seatbelt, but it won’t fix the business after a mishap. That’s why a complete protection plan always pairs this legal structure with a solid business insurance LLC policy to protect the vehicle—your business—that’s taking you on this journey.
Key Takeaways
- Your LLC is a legal shield for your personal assets. It creates a crucial wall between your business liabilities and your personal finances, but that’s where its protection ends.
- Business insurance is the safety net for your company. It’s what actually pays for costly claims like client injuries, property damage, or professional errors that could otherwise drain your business bank account.
- You need both for complete protection. An LLC provides the legal structure and insurance provides the financial one. Together, they create a comprehensive plan that protects you personally while ensuring your business can survive unexpected challenges.
Is Your LLC Enough to Protect Your Business?
Forming a Limited Liability Company (LLC) is a smart first step for any business owner. At its core, an LLC is a legal business structure that creates a separation between your business and you as an individual. Think of it as a protective wall between your professional and personal finances. The main purpose of this wall is to shield your personal assets if your business faces a lawsuit or debt. But this protection has limits, and it doesn’t cover the business itself—that’s where insurance steps in.
How an LLC Protects Your Personal Assets
The key feature of an LLC is in its name: limited liability. This means you, the owner, are generally not personally responsible for the company’s debts or legal troubles. If your business is sued or can’t pay its bills, your personal assets—like your home, car, and savings—are typically off-limits. This legal separation is a crucial step to protect your personal finances as an entrepreneur, allowing you to grow your company without putting your family’s financial security on the line.
Drawing the Line: You vs. Your Business
While an LLC protects your personal property, the business itself is still responsible for its own liabilities. The legal line drawn by an LLC doesn’t make your business invincible. If a client is injured at your location or an employee causes an accident, the lawsuit will target your business directly. In that case, any assets owned by the LLC—company bank accounts, equipment, and inventory—are at risk. Without insurance, you’d have to pay for legal fees and settlements from your business funds, which could be financially devastating. A solid business insurance policy is what protects your company’s assets.
Common LLC Protection Myths, Busted
A common misconception is that an LLC is all the protection a business needs. Many owners think, “I have an LLC, so I’m covered,” but that isn’t true. An LLC is a legal structure, not an insurance policy, and it offers no protection for your actual business operations. It won’t cover claims of professional error, property damage, or employee injuries. The short answer to “Do I need business insurance with an LLC?” is always yes. Your LLC provides a legal shield for your personal assets, while business insurance is what protects your business’s finances, operations, and future.
When Your LLC Can’t Protect You
Forming an LLC is a fantastic move for separating your personal life from your business operations. It creates a legal wall that, in many cases, protects your personal assets like your home and savings from business debts. But it’s important to see this wall for what it is: a legal structure, not a financial fortress. There are several common situations where this protection has significant gaps, potentially leaving both your business and your personal finances exposed. Understanding these exceptions is the key to building a truly comprehensive safety net for the company you’ve worked so hard to create.
If You Make a Professional Mistake
While your LLC can shield your personal assets from general business debts, it doesn’t protect you from claims of your own professional negligence. If you provide a service, any mistake, oversight, or bad advice that causes a client financial harm can lead to a lawsuit aimed directly at you and your business. Think of an accountant who makes a costly error on a tax filing or a consultant whose strategy leads to a client’s losses. In these cases, a court can hold your business liable. Without the right insurance, you could be paying for legal defense and settlements out of your business’s pocket, threatening its survival. This is where business insurance becomes essential.
If You Personally Guarantee a Loan
When you’re starting or growing your business, you’ll likely need funding. It’s standard practice for banks and lenders to require you to sign a “personal guarantee” to secure a business loan, especially for a new LLC. This document is a separate contract in which you personally promise to repay the debt if your business cannot. Your LLC status is irrelevant here; you’ve voluntarily set aside your personal liability protection for that specific debt. If your business defaults on the loan, the lender has the legal right to come after your personal assets—your house, car, and savings—to recoup their money. It’s a common scenario that bypasses the LLC’s shield entirely.
If Someone Gets Hurt on Your Property
Accidents happen, and if they happen in the course of your business operations, your LLC is on the hook. Imagine a customer slipping and falling in your retail space, or your employee accidentally damaging a client’s property during a service call. Your LLC protects your personal bank account from being drained to cover these costs, but the business itself is still responsible. A significant lawsuit could easily deplete your company’s funds, pay for medical bills, and cover legal fees. Without general liability insurance, a single incident could be enough to put you out of business, wiping out all the value you’ve built.
If an Employee Files a Lawsuit
Once you hire employees, you take on a new set of responsibilities and risks. If an employee gets injured on the job, your business is responsible for their medical costs and lost wages. In fact, Illinois law requires most businesses with employees to carry workers’ compensation insurance for this very reason; your LLC status doesn’t change that legal obligation. Beyond physical injuries, you also face risks like claims of wrongful termination, discrimination, or harassment. These lawsuits can be incredibly costly to defend and can target the business directly, making employment practices liability coverage a critical consideration for any company with a team.
If You Break the Law
Let’s be clear: an LLC offers zero protection for illegal activities. The legal shield, often called the “corporate veil,” can be pierced by the courts if you commit fraud, intentionally harm someone, or engage in criminal acts through your business. The legal system is designed to prevent individuals from using a corporate structure to hide from personal accountability. If you are found personally responsible for illegal conduct, the distinction between you and your business disappears. Creditors and courts can then go after your personal assets to satisfy judgments, completely negating the primary benefit of having an LLC in the first place.
The Must-Have Business Insurance for Your LLC
Forming an LLC is a smart first step, but it’s not a complete shield. To truly protect your business from the risks you face every day, you need the right insurance policies. Think of your LLC as the foundation and business insurance as the walls and roof that keep everything safe. The specific coverage you need will depend on your industry, size, and operations, but a few key policies form the backbone of a solid protection plan for nearly any LLC. Let’s walk through the essentials that help you operate with confidence.
General Liability: Your Everyday Safety Net
This is the policy that protects your business from the most common claims it can face. General liability insurance covers incidents of bodily injury, property damage your business may cause to others, and even advertising injuries like libel or copyright infringement. Imagine a client slipping and falling in your office, or an employee accidentally damaging a customer’s property while on a job. Without this coverage, you’d be paying for medical bills or legal fees out of pocket. It’s the foundational coverage that handles everyday operational risks, making it a must-have for almost every business owner.
What General Liability Covers
Think of general liability as your shield against third-party claims—that is, claims from anyone outside your company. This policy covers incidents of bodily injury, property damage your business may cause to others, and even advertising injuries like libel or copyright infringement. For example, if a customer trips over an extension cord in your office and needs medical attention, general liability can cover their medical bills. If you’re a contractor and you accidentally break an expensive window at a client’s home, it can pay for the replacement. It’s the fundamental coverage that protects your business from the financial consequences of everyday accidents involving non-employees.
What General Liability Doesn’t Cover
It’s just as important to know what general liability *doesn’t* do. It does not cover claims of professional error, damage to your own business property, or employee injuries. For instance, if you’re a consultant and your advice leads to a financial loss for a client, you’d need Professional Liability insurance. If a fire damages your office equipment, that would fall under Commercial Property insurance. And if an employee gets hurt on the job, that’s what Workers’ Compensation is for. Understanding these distinctions is key to building a complete safety net, as different types of business insurance work together to protect every aspect of your operation.
Professional Liability: For When You’re the Expert
If your business provides services or professional advice, this policy is for you. Often called Errors & Omissions (E&O) insurance, professional liability insurance protects you if a client claims your work was mistaken, negligent, or incomplete, leading to their financial loss. For example, if you’re a consultant and a client sues you because your advice didn’t yield the expected results, E&O insurance can cover your legal defense and any settlement costs. It’s essential for professionals like accountants, designers, and IT specialists whose expertise is the product they sell.
Workers’ Comp: Protecting Your Team (and You)
Once you hire your first employee, workers’ compensation insurance becomes a top priority. In fact, it’s required by law in most states, including Illinois. This policy provides a critical safety net by covering medical expenses and lost wages for employees who get injured or become ill on the job. In return, it generally protects your business from being sued by the injured employee over the incident. It’s a vital policy that takes care of your team while safeguarding your business from potentially devastating lawsuits.
Commercial Property: Covering Your Physical Stuff
This policy protects the physical assets your business relies on to operate. It covers your building, equipment, tools, inventory, and furniture from damage or loss due to events like fire, theft, or natural disasters. Whether you own your workspace or rent an office, commercial property insurance is crucial for protecting the tangible items that keep your business running. If a storm damages your roof or a break-in results in stolen computers, this coverage helps you repair or replace what you’ve lost so you can get back to work quickly.
Cyber Liability: Your Digital Shield
In our connected world, nearly every business handles sensitive information, from customer credit card numbers to employee records. Cyber liability insurance is designed to help your business recover from a data breach or cyber-attack. It can cover costs associated with notifying affected customers, offering credit monitoring services, and paying for legal fees and fines. Since the financial fallout from a cyber incident can be immense, this coverage is becoming an essential part of a modern business insurance plan for LLCs of all sizes.
Business Owner’s Policy (BOP): A Smart Package Deal
For many small business owners, a Business Owner’s Policy, or BOP, is the perfect starting point. Think of it as a convenient bundle that combines two essential coverages: general liability and commercial property insurance. Instead of purchasing these policies separately, a BOP packages them together, often at a more affordable rate. This is a smart and efficient way to handle your core insurance needs, protecting you from common claims like customer injuries while also covering your physical assets, such as your office space and equipment. It streamlines your protection, giving you a solid foundation without the hassle of managing multiple individual policies.
Commercial Auto Insurance: For Business on the Go
If you or your employees use a vehicle for any business-related tasks—whether it’s making deliveries, driving to client meetings, or transporting equipment—a personal auto policy won’t cut it. You need commercial auto insurance. This policy is specifically designed to cover vehicles used for work purposes. It protects your business against liability for accidents that happen on the job, covering costs for property damage and injuries to others. Without it, a single fender bender during a work-related trip could lead to a lawsuit that your personal insurance refuses to cover, leaving your business financially responsible for all the damages.
Product Liability: For Businesses That Make or Sell Goods
If your business manufactures, distributes, or sells any type of physical product, product liability insurance is non-negotiable. This coverage protects you if a product you sell causes injury or property damage to a customer. Imagine a cosmetic product causing a severe allergic reaction or a piece of equipment malfunctioning and injuring the user. These situations can lead to expensive lawsuits that could easily bankrupt a small business. Product liability insurance steps in to cover legal fees, settlements, and medical costs, ensuring that a single faulty product doesn’t bring down your entire operation. It’s a critical safeguard for any business in the supply chain.
Business Income Insurance: Keeping You Afloat During Downtime
What would happen if a fire, major storm, or other disaster forced you to temporarily close your doors? While your commercial property insurance would help repair the physical damage, you’d still be losing money every day you can’t operate. That’s where business income insurance, sometimes called business interruption insurance, comes in. This vital coverage helps replace your lost income and covers ongoing operating expenses like rent and payroll while your business gets back on its feet. It’s the financial bridge that helps you survive a temporary shutdown, ensuring you can reopen without being buried in debt.
Home-Based Business Insurance: Protecting Your Home Office
Running your business from home is a great way to keep overhead low, but don’t assume your homeowner’s policy has you covered. Most standard home insurance policies explicitly exclude or provide very limited coverage for business-related activities and property. If a client trips on your steps during a meeting or your business inventory is destroyed in a fire, you could be left with a massive bill. Home-based business insurance is designed to fill these gaps, providing liability protection and coverage for your business equipment and inventory, giving you peace of mind while you work from your home office.
Understanding Legal Insurance Requirements
While most insurance policies are about managing risk, some are simply about following the law. Depending on your business structure, industry, and whether you have employees, federal and state governments may legally require you to carry specific types of coverage. Failing to do so can result in hefty fines, penalties, and even legal action, so it’s crucial to understand your obligations. These requirements aren’t just bureaucratic hurdles; they’re designed to protect your employees, your customers, and the public. Think of them as the non-negotiable cost of doing business responsibly and legally, ensuring a basic level of protection for everyone involved in your company’s operations.
Federal Insurance Mandates for Employers
The moment you hire your first employee, you step into a new world of legal responsibilities. The federal government mandates that nearly all businesses with employees carry a few key types of insurance. According to the U.S. Small Business Administration (SBA), this includes workers’ compensation, unemployment, and disability insurance. Workers’ compensation covers medical costs and lost wages for employees injured on the job. Unemployment insurance provides financial assistance to workers who lose their jobs through no fault of their own. These policies are in place to create a fundamental safety net for your workforce, protecting them from hardship while also shielding your business from related lawsuits.
State-Specific Coverage Rules
On top of federal laws, each state has its own set of rules for business insurance. These regulations can vary significantly, so what’s required in one state might not be enough in another. Here in Illinois, for example, the law is very clear: if you have even one employee (part-time or full-time), you are required to carry workers’ compensation insurance. It’s essential to research and understand the specific laws that apply to your business in your location to ensure you are fully compliant. Ignoring these rules isn’t an option and can lead to severe penalties, so staying informed is key to keeping your business in good legal standing.
How Much Does Business Insurance for an LLC Cost?
One of the first questions every business owner asks is, “How much is this going to cost?” When it comes to business insurance for an LLC, there’s no one-size-fits-all answer. The cost can vary dramatically based on a number of factors unique to your company. Your industry plays a huge role; a construction company will face higher risks and therefore higher premiums than a freelance writer. Other key factors include your location, the number of employees you have, your annual revenue, your claims history, and the specific coverage types and limits you choose. While it’s hard to pinpoint an exact number without a quote, understanding these variables can help you see why your rate is what it is.
Average Costs for Common Policies
While your final price will be unique, it can be helpful to have a general idea of what other small businesses pay. For general liability insurance, one of the most common policies for LLCs, small businesses can expect to pay somewhere between $400 and $1,500 annually, according to industry data. Of course, this is just an average. A solo consultant might be on the lower end of that spectrum, while a small retail shop could be on the higher end. Adding other policies like commercial property or professional liability will increase the total cost, but bundling them in a Business Owner’s Policy (BOP) can often provide savings.
Factors That Influence Your Insurance Rates
Insurance providers are in the business of risk assessment, so anything that affects your company’s level of risk will influence your rates. A business with a history of claims is seen as riskier and will likely pay more than one with a clean record. The amount of coverage you select also matters—higher policy limits mean more protection, but also a higher premium. Your physical location can even play a part, as areas prone to certain natural disasters or with higher crime rates may result in higher property insurance costs. Ultimately, your premium is a direct reflection of the unique risks your business presents.
How to Get the Right Insurance for Your LLC
Finding the right insurance for your LLC might feel like a huge task, but it doesn’t have to be. By breaking it down into a few manageable steps, you can confidently build a protection plan that fits your business perfectly. It’s not about just buying a policy; it’s about making an informed decision that safeguards the future of your company. This process is about understanding your unique needs, exploring your options, and partnering with the right people to help you along the way. Taking a thoughtful, step-by-step approach ensures you get the coverage you actually need without paying for things you don’t.
Step 1: Assess Your Business Risks
Before you can even think about buying insurance, you need to understand what you’re protecting against. Take a close look at your daily operations and identify potential risks. Do customers visit your property? You have a liability risk. Do you provide professional advice? You have a professional liability risk. Do you have employees? You have workers’ compensation and employment practices risks. Consider your industry, your physical assets, and the data you handle. Making a comprehensive list of these potential pitfalls is the crucial first step in determining which types of coverage are essential for your business.
Step 2: Find a Licensed Insurance Agent
You don’t have to figure this all out on your own. Working with a licensed, independent insurance agent can make the entire process smoother and more effective. A good agent acts as your advocate, helping you understand your risks and navigate the complex world of insurance policies. They can access quotes from multiple carriers to find you the best coverage at a competitive price. At Feld Insurance, our team specializes in creating personalized insurance solutions for businesses right here in our community. We take the time to get to know your LLC so we can provide the trusted guidance you need to feel secure.
Step 3: Compare Your Options
Once you have a clear idea of your needs, it’s time to look at your options. If you’re working with an independent agent, they will present you with quotes from different insurance companies. Don’t just look at the price tag. Compare the coverage limits, deductibles, and exclusions for each policy. A cheaper plan might have significant gaps that could leave you exposed. This is where your agent’s expertise is invaluable—they can help you weigh the pros and cons of each option, ensuring you understand exactly what you’re buying and making a choice that truly fits your business and your budget.
Step 4: Review Your Coverage Annually
Your business isn’t static, and your insurance coverage shouldn’t be either. As your company grows and evolves, your risks will change. Did you hire more employees, purchase new equipment, or launch a new product line? Any of these changes could mean your current insurance is no longer adequate. That’s why it’s so important to review your policies with your insurance agent at least once a year. This annual check-in ensures your coverage keeps pace with your success, so you’re never left underinsured when you need protection the most.
LLC + Business Insurance: Your Ultimate Protection Plan
Think of your LLC and business insurance as a tag team dedicated to protecting your company. An LLC sets up the legal guardrails, but insurance is the active security that steps in when things go wrong. They don’t do the same job—they complement each other to provide a complete safety net for both you and your business.
How Insurance Fills Your LLC’s Gaps
Your LLC is fantastic at creating a legal wall between your personal finances and your business debts. If your business can’t pay a bill, creditors generally can’t come after your house or personal savings. However, that wall doesn’t protect the business itself from everything. It won’t cover claims of negligence if a client says your mistake cost them money, nor will it pay for damages if a customer slips and falls in your shop. That’s where business insurance steps in. It’s designed to handle these specific business-related risks, covering legal fees, settlements, and medical costs that your LLC structure simply isn’t built to address.
Keeping Your Business Bank Account Safe
While your personal assets are shielded by the LLC, your business’s assets are still on the line. Everything your company owns—from its bank account and inventory to its equipment and property—is vulnerable. A major lawsuit, a fire, or a severe storm could drain your business finances completely, forcing you to close your doors. Business insurance for an LLC protects the company itself from these devastating losses. It provides the funds to replace damaged property, cover legal defense costs, and keep your operations running after an unexpected event. It’s the financial backstop that ensures your business can survive a crisis and continue to grow.
How to Land Contracts and Stay Compliant
Sometimes, having business insurance isn’t just a smart choice—it’s a requirement. For example, if you have employees, Illinois state law mandates that you carry Workers’ Compensation insurance to cover work-related injuries and illnesses. Beyond legal obligations, you’ll often find that insurance is a contractual necessity. Landlords typically require you to have general liability insurance before signing a commercial lease. Similarly, some clients may refuse to work with you unless you can provide proof of professional liability coverage. Having the right LLC insurance ensures you stay compliant and can seize important business opportunities.
Why Being Insured Builds Client Trust
Showing up with the right insurance coverage does more than just protect you; it builds trust. When clients and partners see that you’re insured, it sends a clear message: you are a professional who takes your responsibilities seriously. It shows that you have a plan for dealing with potential problems, which gives them confidence in your stability and reliability. This can be a powerful differentiator, making potential customers more comfortable choosing you over a competitor. Being insured isn’t just about managing risk—it’s about building a reputation as a credible business that clients are eager to work with. If you’re ready to show your clients you’re serious, we can help you find the right coverage.
Potential Tax Advantages
Beyond protecting your business from financial loss, the right insurance policies can also offer a financial upside. The premiums you pay for business insurance are generally considered a necessary cost of doing business, which means they can often be deducted from your taxes. For example, general liability insurance premiums are typically a tax-deductible expense that can lower your overall taxable income. While this is a fantastic benefit, it’s important to remember that insurance agents aren’t tax professionals. You should always consult with a qualified tax advisor to understand exactly how your insurance costs can work to your advantage and ensure you’re following all the rules.
Offering Employee Benefits Like Group Health Insurance
As your business grows, attracting and retaining talented employees becomes a top priority. Offering a competitive benefits package is one of the best ways to do that, and your LLC structure makes it possible. Because an LLC can be considered an employer, you have the ability to offer group health insurance to your team. This not only supports your employees’ well-being but also positions your company as a desirable place to work. It’s a significant step that shows you’re invested in your team for the long haul. As your business evolves, we can help you explore the insurance options that support your growth and help you care for your employees.
What’s the Real Risk of Skipping Insurance?
You’ve done the paperwork, paid the fees, and officially formed your LLC. It’s a huge step that provides a legal shield between your business and your personal life. But it’s a mistake to think of that shield as an impenetrable fortress. Relying solely on your LLC for protection is like building a house with a strong frame but no roof—you’re still exposed to the elements. Operating without business insurance leaves your company vulnerable to a host of problems that can halt your progress or even shut you down for good.
From customer lawsuits to employee injuries, the day-to-day risks of running a business are very real. Your LLC structure won’t pay the medical bills for a client who slips and falls in your office, nor will it cover the legal fees if you’re sued for a professional error. These are the gaps where insurance becomes essential. Think of it as the final, critical layer of protection that ensures a single mishap doesn’t unravel all of your hard work. Let’s break down what’s truly at stake when you skip this crucial step.
One Lawsuit Away from Closing Your Doors
Your LLC is designed to protect your personal assets, but it does nothing to protect the business’s assets. If your company is hit with a lawsuit, the legal fees, settlements, and judgments are paid directly from your business bank account. A significant claim could easily wipe out your cash reserves, forcing you to close your doors. Business insurance is specifically designed to cover the risks your LLC doesn’t, stepping in to pay for legal defense and damages. It’s the safety net that allows your business to survive a lawsuit and continue operating, rather than facing financial collapse.
Risking Your Home, Car, and Savings
While an LLC creates a legal separation, that line can sometimes be blurred. This is often referred to as “piercing the corporate veil.” If you fail to keep your business and personal finances completely separate, or if you are found to be personally negligent in an incident, a court could rule that your personal assets are fair game in a lawsuit. An LLC and insurance work together to provide the best protection. Insurance acts as the first line of defense, handling claims so that a plaintiff has no reason to even attempt to go after your personal wealth.
Facing Steep Fines and Legal Penalties
Depending on your industry and whether you have employees, certain types of insurance aren’t just a good idea—they’re required by law. For example, most states, including Illinois, mandate that businesses with employees carry workers’ compensation insurance. Operating without the proper licenses and permits, including legally required insurance, can lead to severe consequences. You could face steep fines, government-enforced work stoppages, and even criminal charges. These penalties can be far more expensive than the cost of a policy, making compliance a smart financial decision.
Losing Client Trust and Future Gigs
In the business world, perception matters. Having the right insurance coverage signals to clients, partners, and vendors that you are a professional who takes your responsibilities seriously. Many potential clients, especially larger companies, will not sign a contract with you unless you can provide a certificate of insurance. Similarly, landlords often require it before leasing commercial space. Having insurance shows you are prepared for problems, which builds trust and opens doors to bigger and better opportunities for your business.
Related Articles
- Is an Umbrella Policy a Waste of Money? The Real Answer
- Liability Protection – Feld Insurance
- Business Liability Insurance Springfield Archives – Feld Insurance
Frequently Asked Questions
What’s the simplest way to understand the difference between LLC protection and business insurance? Think of it this way: Your LLC builds a legal wall to protect your personal property, like your house and car, from being taken if your business gets into debt. Business insurance, on the other hand, protects the business itself. It provides the money to pay for lawsuits, accidents, or property damage so that your company doesn’t have to drain its own bank account to cover the costs.
I’m a one-person LLC without employees. Do I really need insurance? Yes, it’s still a very smart move. Your LLC status protects your personal assets, but it doesn’t protect your business from a lawsuit. If a client claims your work caused them a financial loss, or if someone gets hurt in your workspace, the lawsuit would target your business directly. Without insurance, you’d have to pay for legal fees and any settlement from your business funds, which could be enough to shut you down.
Can my personal assets ever be at risk, even with an LLC? They can be, in a few specific situations. The most common is when you sign a personal guarantee for a business loan, which makes you personally responsible for that debt no matter what. A court could also decide to “pierce the corporate veil” and go after your personal assets if you commit fraud or don’t keep your business and personal finances strictly separate. Insurance acts as a financial buffer, handling claims before they could ever escalate to that point.
What’s the first type of insurance my new LLC should get? For most businesses, General Liability insurance is the best place to start. It’s the foundational policy that covers common accidents like a customer getting injured at your location or you accidentally damaging a client’s property. If you provide professional services or advice, you should also prioritize Professional Liability (or E&O) insurance to protect you from claims of negligence or mistakes in your work.
Is my home-based business covered by my homeowner’s policy? Typically, no. Most standard homeowner’s insurance policies have very limited or no coverage for business-related activities and liabilities. They usually won’t cover business equipment, inventory, or a lawsuit from a client who slips and falls while visiting your home office. You need a separate business insurance policy to properly protect your company, even if it’s run from your kitchen table.