The right insurance protection is necessary for the long-term success of a small business. Here’s a breakdown of the five most common types of small business insurance and how to utilize them to protect your business. Starting a business always involves some level of risk. It’s an owner’s job to mitigate that risk by protecting it against liabilities.When you’re in the process of starting a business, purchasing the right type and amount of insurance needs to be one of the first things on the pre-launch to-do list. High-quality insurance should be looked at as a smart investment in the financial stability of your small business. The costs of confronting a lawsuit are enough to cripple a small business that’s not adequately insured. Not insuring your business is also not an option. In many cities and states, small business insurance is required by law.