As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments, personal injury protection and coverage for uninsured and underinsured motorists.

Businesses have many physical assets, including buildings, computers, specialized equipment, outdoor signage and inventory. If a fire or storm were to damage these assets—or a thief attempt to steal them--a business may have to go through a recovery process before their doors can open once more.

The owner of a condominium is responsible for insuring his or individual unit and has a shared interest with the other owners in the building to protect the building as a whole.

Like any business, independent contractors need insurance to protect themselves financially. What type of insurance you need depends on the type of work you do.

General Liability pays losses arising from real or alleged bodily injury or property damage to others, on your business premises or arising from your operations.

As a business owner who has employees on staff at your place of business, workers compensation is essential.