Small business insurance – Whether you are a sole proprietor, an LLC, or a C-Corp – you should have insurance. What types of insurance will vary based on many factors enumerated very well by Neil Marcus.
Every company should have some type of general liability insurance, most also need insurance coverages that are specific to their industry. If you have employees, you will also need insurance to cover them…both there personal wellbeing (workers comp) as well as any liability you may be exposed to as a result of their actions.
If you own equipment, you will need insurance to cover the loss of that equipment. If that equipment has the potential of harming someone else (like a vehicle or a press) then you will need insurance for that also.
I also agree with Neil that your best bet is to locate an experienced independent agent. This is an insurance person who can get quotes from numerous insurance companies on your behalf to locate the best coverage and price for you. If that person has experience working with people in your industry, that is even better.
I have heard stories of companies who did not have proper coverage because their agent didn’t clearly understand the industry of their client. So if you are at all uncertain about whether the agent you are working with is knowledgeable about your company / industry – do more research, talk to other agents and make sure you have coverage appropriate for your company.