As a business owner, it is essential to protect yourself and your business from potential financial losses. This coverage can include protection against bodily injury, property damage, medical expenses, defamation, defense of lawsuits and bonds, or settlement judgments.
Commercial Property Insurance
Commercial property insurance is often included in a Business Owner's Policy (BOP). This type of insurance covers any damaged or destroyed buildings, equipment, vehicles, and other physical belongings that help you run your business.General Liability InsuranceGeneral liability insurance, also known as business or commercial liability insurance, is essential coverage for a variety of claims. This includes bodily injury, property damage, personal or publicity injuries, medical payments, operations performed with products, and damage to facilities rented to you. Virtually every small business owner or contractor should have some type of general liability insurance.
Business Owner's Policy (BOP)
When buying small business insurance and comparing policies, keep in mind that your rates will depend on the specific characteristics of your business.If you want general liability insurance and property coverage, you can bundle them into an insurance policy for business owners, also known as BOP. A BOP offers liability coverage for customer injuries, property damage, and product-related claims, in addition to coverage for commercial buildings and movable property.
Business Expense Insurance
Business general expense insurance, commonly known as business expense insurance, goes hand in hand with your disability insurance. This coverage is generally included in a BOP and can include loss of business income, mortgage or rent payments, payroll and taxes.Errors & Omissions (E&O) InsuranceBusiness-to-Consumer (B2C) companies often use E&O coverage to protect against claims that their services caused customers financial hardship or bodily injury.
Inland Marine Insurance
Small businesses with movable commercial assets can take out inland marine insurance to protect their equipment, products, or materials while in transit by truck or train.Business Identity Insurance
Business identity insurance is a specific type of coverage that protects businesses that have experienced identity theft. This type of coverage is ideal for owners of small and medium-sized businesses such as restaurants, retail stores and wholesalers.Commercial Fleet CoverageYou'll need commercial fleet coverage if you operate a car rental company or rely heavily on your vehicles to operate your business.
Business Overhead Expense (BOE) Insurance
BOE insurance covers the cost of running your business (based on actual expenses including utility bills and employee salaries) if you become disabled and can no longer operate your business.Business Interruption Insurance
If a disaster occurs (such as a fire, flood, theft, building collapse or civil authority incident) and your business is forced to close for a period of time, business interruption insurance will help you cover lost income or operating expenses such as mortgage or rent payments, loan payments taxes and payroll.Other Types of Business Insurance
Nearly every company can benefit from liability protection such as a Business Owner's Policy (BOP), management liability insurance professional liability insurance or product liability insurance.If you are self-employed and use your personal vehicle for business activities check your personal insurance policy to see if it includes any coverage for business activities.
