Business owners — even small businesses — need to protect themselves with insurance. Between the propensity of lawsuits and a changing financial as well as physical climate, anything can happen. Here are three types of insurance every business owner should have.

Property Insurance

Just as homeowners need insurance for their house and apartment dwellers should have renter's insurance, business owners need to have property insurance on their place of business. You may also need property insurance on other buildings.

For example, if you store your inventory in a nearby warehouse rather than in your store, that property will require insurance as well. The type of policy you get will vary depending on whether you own the building(s) or rent them.

Flood Insurance

Just as a homeowner's or rental insurance policy does not cover a flood, neither will a business property insurance policy. You must purchase a separate rider if you want to be protected from a flood.

Keep in mind as you consider the necessity of flood insurance, with weather patterns changing, many areas of the country that never previously worried about flooding now may be more susceptible. And flash floods are always a possibility when severe weather happens.

Ask yourself if you can afford to lose everything you own in the result of a flood. The answer for most business owners is going to be a resounding no. A flood insurance rider will provide extra peace of mind when bad weather comes.

Commercial Car insurance

Whether you just use your personal car for conducting business, you have a car meant for business, such as a pizza delivery vehicle, or you have an entire fleet of vehicles, you need to have commercial car insurance.

Many small business owners make the mistake of thinking using their personal vehicle for business is okay as they have insurance on it. However, the type of insurance that is on a personal vehicle often excludes the insured for using it for business purposes. If you do so, you may find that your claim is denied as the vehicle was not being used as it is intended.

No one like to pay more for insurance than they need to, but the whole point of insurance is to protect against the unexpected. If you don't have the right types of insurance for your needs, you may be in for a rude awakening if and when it comes time to file a claim. Be sure to discuss your business insurance needs with an insurance agent who specializes in small businesses.