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That's what you need if you want to legally use Office for work.
If you want the extra enterprise features in Outlook and Excel, like being able to import data from a wider range of databases, you'll need to get Office Professional 2016, which includes Word, Excel, Power Point, One Note, Outlook, Publisher and Access.
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You can buy Office 2016 on its own, for a one-time price that gives you a licence you can carry on using as long as you like, for Windows or the Mac, but when the next version of Office comes out you'll have to pay again to get it, and you won't get the new features that come out for the different Office applications before the next version – just the security updates.
Office 365 Business and Office 365 Business Premium both include Office 2016 – the Windows or Mac versions of Word, Excel, Power Point, One Note, Outlook, and Publisher, and each person can put them on up to five PCs or Macs – the Office apps on five phones and tablets per user, and 1TB of One Drive for Business storage.
The difference is that the Business Premium subscription also has Exchange, Share Point and Skype for Business Online.
Office 365 is ideal if you have multiple machines at work and at home, or if your family has several computers, or if you might want to switch between a Mac and a PC, because even the consumer subscriptions cover all of that.
Office 365 Personal and Office 365 Home give you the same software: the Windows or Mac versions of Word, Excel, Power Point, One Note and Outlook, plus Publisher and Access for Window, along with 1TB of One Drive space and monthly credits to make 60 minutes of calls on Skype.