After formulating a business insurance plan, finding office space, ordering product and hiring a full staff, you believe that you have checked the box next to all the prerequisites that come with owning a small business.

Have you ever worried that there might be things you didn't consider? Say for example a cyberattack or employee theft? Cyber insurance premiums are low and affordable. Hiring the right job candidate, even if they're asking for a higher salary, also has its advantages. Don't short change your business because you were unaware of the hidden costs that spring up when you least expect them.

Here are five hidden costs that come with owning a small business and how to prepare for each.

1. Equipment Breakdown: Unless the office equipment your company uses has a lifetime warranty (even then) you will experience technical difficulties with machinery breaking down, needing repairs or replacement. In 2014, small businesses spent 51 percent of their budget on replacing equipment. Paying for new desktops, furniture or software can add up quickly. If a computer is damaged in an office move or product destroyed in a building fire, your organization could close shop no sooner than it opened.

Small business insurance through liability policies will pay for the repairs and replacements of your business equipment, all you have to do is pay an annual premium. It's the difference between paying hundreds or tens of thousands of dollars. Which is the most viable option for your business?

2. Employee Turnover: The employees you hired today might quit a week, six months or a year from now. The costs associated with their leaving the company include paying a recruiter to find new candidates, hours of training new staff and potential lawsuits regarding unemployment benefits.

To keep the turnover rate low, offer your staff incentive programs and competitive salary pay. Make sure they know that their work is valued by you and to the organization. During the interview process, make sure that the candidate is who they say they are by contacting reference and checking with past employers. And if an exceptional candidate is asking for a little more money and your company can afford it, do it.

3. Professional Services: If you rely on an outside accounting firm to do the books or employ a lawyer on retainer, this will cost your organization money. Wasp Buzz notes that while these services will initially cost your organization money, they will pay for themselves in the long run: \"These specialists can save you money and time. Legal professionals can untangle red tape. Accounting specialists can translate tax codes, help maintain accurate inventory records and find grants to help fund your endeavors.\"

And remember: your small business insurance policy will pay to cover the costs of a lawsuit!

4. Cyberattacks: You might think that a cybercriminal would have no interest in targeting your small business, but you would be incorrect in that belief. According to Small Business Trends, 43 percent of cyberattacks are orchestrated against small businesses.

Small businesses generally do not have the cybersecurity larger companies do and are therefore easier to dismantle. If a cybercriminal is able to infect your network with malware, it could shut down your business operations permanently and put you in the read. Cyber insurance covers the costs of a data breach and will pay for the recovery of said data, equipment replacement and litigation.

5. Shrinkage: Shrinkage occurs when a product has been lost between the time of purchase from the supplier and the customer. The cost of reshipment, refunds and trying to track the lost shipment will reduce your company's profits and affect prices. Having a small business insurance plan in place will cover the cost of product replacement.

You can't predict the future, but you can prepare for it. Visit CyberPolicy for a free cyber insurance quote today.