When starting your own small business, it's important to purchase enough of the right kinds of insurance to ensure you can manage losses and emergencies. But how can you know what is the right insurance to have? Here's a handy guide to the 6 vital types of coverage for even the smallest one-person business.

General Liability. General liability is often the first type of business insurance new owners obtain. It covers cases in which you, any employees or your products are alleged to have caused damage. It will generally cover both bodily injury and property damage to others. 

Professional Liability. Commonly referred to as "errors and omissions" coverage, professional liability insurance covers failures or errors when rendering professional services. It differs from a general liability policy in what types of problems are covered, so you'll likely want both. Check with an insurance agent experienced in your industry to determine what type of professional liability coverage is recommended. 

Property Insurance. If you are leasing or purchasing an office space, be sure that your assets are covered in the event of damage, fire, accident or vandalism. If your business is being run out of your own home, you may think that your homeowner's coverage will be sufficient. However, you may need to increase your coverage to include new business assets or even add special riders to cover them. 

Health Insurance. If you run a one-person operation, it's unlikely that you will carry workers' compensation insurance. In this case, though, be sure you have covered yourself by carrying health insurance for yourself and your spouse or partner. Since you are the driving force of the business, ensuring your own continued health and paying for proper care is vital to keep the business functioning. 

Business Interruption Insurance. If your business suffers loss from a natural disaster or other catastrophe, it's obvious that your ability to do business will be affected. Interruption insurance compensates you for lost business during this period. It's particularly important if you have a retail location, whether it's large or small. 

Business Owner Policy. If you feel that you need several types of business insurance coverage, it may be best to purchase a Business Owner Policy. This policy bundles different types of coverage (such as liability, vehicle, property or business interruption coverage) into one policy -- usually with a lower payment. 

By understanding how to protect yourself and your business during times of emergencies, you can help ensure your new small business survives and thrives for years to come. Contact a business, such as Atlantic Insurance & Benefits, for more information.