As a business owner, it’s important to mitigate any risk of unexpected losses that can financially devastate you. Such losses (including theft, fire, explosions, accidents, and acts of nature) may be out of your control, but a small business insurance policy will protect you from these costly consequences.

A business insurance policy insures your business’ assets (including buildings, equipment, and office property, such as computers and desks), and can include third party business liability and business interruption insurance to insure your profits. Smart business owners always make business insurance a number one priority in their planning and budget, so they’re prepared for unforeseen circumstances.

The annual premium you’ll pay for business insurance will depend on the type of business you have (and how risky your business type is), your gross revenue, the location, and the types and limits of coverage you require.

It’s best to take out a business insurance package that gives you full coverage, rather than part-cover or insurance for an amount less than your business is worth. With so many business insurance products on the market, you should be able to find a policy that’s affordable, but doesn’t skimp on coverage where you need it.