What is Business Insurance?
Business insurance helps protect your investment by reducing financial risks related to unexpected events like injuries of an employee, death of a partner, lawsuit, or even natural disasters. It is a broad term used for various coverage types that protect against losses and insure continuing business operations.
Major Types of Business Insurance Policies
Commercial Auto Insurance
Commercial auto insurance covers cars, motorcycles, trucks, and other road vehicles that are owned or operated by the business. This type of insurance coverage provides financial protection against liabilities, bodily injuries and/or damages caused by vehicular crashes. It may also cover theft and vehicular damage caused by events that aren’t related to collisions.
Commercial Property Insurance
Commercial property insurance protects you from loss of buildings and/or personal property. You can choose whether you’ll cover all risks or only specific threats.
Commercial Umbrella Insurance
Commercial umbrella insurance is a liability coverage that covers what exceeds the limits on other commercial insurance policies, as well as losses that aren’t included in other policies. For instance, if you are liable to someone, your regular policy will pay up to its limits and any excess amount will be covered by this umbrella policy (up until its limit as well).
General Liability Insurance
General liability insurance is a standard insurance policy available for business organizations and companies that helps them against liability claims for property damages and bodily injuries that happen related to operations, production, and even after-sales.
Group Disability Insurance
Group disability insurance is a type of insurance that offers regular income replacement to policyholders in case of disabilities caused by injury or illness. There are two types of coverage offered: short-term disability (STD) or long-term disability (LTD).
Group Health Insurance
Group health insurance is one of the common insurance policies offered by employers to qualified employees as a form of incentive for working at the company; it often extends to the family members of the employee.
Group Life Insurance
Group life insurance, also referred to as wholesale life insurance or institutional life insurance, is a type of insurance coverage that protects a group of people (employees, members of a union, pension holders, and the like). While individual proof of insurability is not usually required, underwriters would factor in the size, turnover, as well as the financial status of the group.
Professional Liability Insurance
Professional liability insurance (PLI) or professional indemnity insurance (PII), popularly known as errors and omissions (E&O) in the US, is a type of liability insurance coverage that protects service providers from shouldering the costs of a claim on negligence made by a client, as well as damages in civil lawsuit. In addition, it also covers defense costs, including legal actions that are groundless.
Supplemental insurance is an additional insurance that helps you pay for out-of-pocket expenses that your regular insurance won’t cover.
Workers’ compensation is a type of insurance coverage that provides salary replacement and health benefits to injured employees during the course of employment in place of mandatory relinquishment of the rights of the employee to sue the business owner for negligence.
Business Owner’s Package
Business Owner’s Package (BOP) is a type of insurance policy that covers all risks associated with major properties and liabilities. It is a combination of all the basic insurance coverage of a business owner in one package. Sold at a cheaper premium than an individualized coverage, it is usually bought by small- and medium-sized enterprises. In addition, it has business interruption insurance that reimburses up to one year of lost revenue due to insured property loss.
Contact us to learn more about the right business insurance for you.
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