If you own a business, you need liability insurance. Period. Sure, you could not insure your tools, equipment, and materials. Those things have a known and fixed cost. What you don’t know is what will hurt your business. You never know when you or one of your employees might cause injury or damage to property while on the job. Nor do you know how much the loss will cost you. Nothing destroys a business’ success or survival faster than a lawsuit. The nightmare can incapacitate the owner and quickly wipe out all the assets. That’s why you need liability insurance. The cost varies depending on the limit of coverage and the business classification.