You will need enough small business insurance to cover the specific risks that your industry faces. You’ll likely need several different types of business insurance. Inland marine insurance covers business property that’s being transported over land, such as equipment, materials, products and tools. This coverage is different from marine insurance, which covers your business property while it’s being transported over water. A personal auto insurance policy generally doesn’t extend to business use of a vehicle. If you don’t get commercial auto insurance for work vehicles, any claims you make could be denied and you would have to pay out of pocket for any accident or damage, which could get very expensive.

It’s up to you whether you want to create a formal business plan or just document your professional goals. But if you want to create a business that lasts, you need a space to record and share your plan for your business, one that you’re proud to share with every stakeholder. Some industries, like healthcare and social assistance, have a higher-than-average survival rate. Others, like construction and transportation, have rates that are lower.