Why do I need business insurance coverage?
As a business owner, you need business insurance to protect yourself, your employees, your customers, your assets and the future of your company. Think about the high costs associated with worker injuries, lawsuits, temporary business closures and data breaches. Without business insurance, any one of those examples could jeopardize the future of your business. Also, your state may require you to carry certain types of business insurance. A businessowners policy (BOP) combines business liability, commercial property, business income, and equipment breakdown coverages into one cost-effective package for businesses. BOPs can be general in nature, or personalized to meet your business’s industry-specific needs. Standard BOPs include commercial property insurance, business liability insurance, business income insurance, or equipment breakdown insurance.Types of business insurance products
Businessowners policy
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Business liability
This type of coverage can provide reimbursem*nt for the resulting medical, repair and legal expenses if your business is held liable for injuring someone or damaging their property. For example, if a customer slips and injures themselves on your property, business liability insurance can help pay for any medical costs or lawsuits that may arise from the incident. Such a policy can also be supplemented with additional coverage endorsem*nts—including fire legal liability and employment-related practices liability—based on your business’s unique risks and exposures.
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Commercial property
This form of coverage can help protect your business’s building, as well as any commercial property surrounding the building and the contents within. These assets may include fencing, signage, furniture, equipment and inventory. If a covered event—such as a fire, burst pipe, storm damage or vandalism—damages or destroys your business’s building or its contents, commercial property insurance can recoup the cost of rebuilding, repairing or replacing the property. Commercial property insurance policies typically utilize one of the following valuation methods:
- Replacement cost coverage pays for the cost of rebuilding, repairing or replacing your business’s property as new (with similar materials and quality), without any deduction for depreciation.
- Actual cash value coverage reimburses your business for the cost of replacing the damaged or destroyed property, based on the depreciated value of the building or contents prior to the incident.
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Commercial auto
This type of coverage can provide protection for the vehicles your business uses to conduct its operations—including cars, trucks, vans and more. Commercial auto insurance typically includes three forms of coverage:
- Auto liability coverage can cover medical expenses and legal costs in the event that you or an employee causes an accident that injures another person or damages their property.
- Collision and comprehensive coverage can recoup the price of repairing your business’s vehicle(s) after an accident or other covered event.
- Uninsured and underinsured motorist coverage can help pay for any vehicle damages or injuries that result from an accident caused by a driver who doesn’t carry adequate insurance (if any).
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Workers' compensation
In the event that one of your employees experiences an occupational injury or illness, workers’ compensation insurance can cover their associated medical expenses and rehabilitation costs, and—in some cases—recoup a portion of their lost wages from the incident. This form of coverage can also help pay death benefits to an employee’s family if they are killed on the job. For example, if an employee injures themselves while operating workplace machinery at your business, workers’ compensation insurance could cover their resulting hospital bills and physical therapy costs. This coverage is required in most states, although specific policy standards vary.
Business income
This coverage can help you cover payroll, pay for relocation expenses and replace lost income when a covered loss forces your business to close temporarily.
Crime insurance
This coverage helps protects your business against, burglary, robbery, forgery, computer fraud, employee dishonesty and other crimes.
Employment practices liability
This coverage can help protect your business from employee lawsuits resulting in alleged discrimination, wrongful termination, harassment or other employment-related issues.
Cyber liability
This type of coverage can help your business recoup expenses associated with a cyberattack or data breach. These costs may include legal fees that result from the breach, expenses related to informing customers of the incident and investigating the cause of attack, and the cost of recovering lost data or repairing damaged technology systems.
Errors and omissions insurance is a type of liability coverage that protects your business against client lawsuits caused by alleged negligent acts, errors or omissions. E&O insurance typically cover you, your employees and your subcontractors.
Equipment breakdown
This coverage helps protect you against equipment failures, including mechanical malfunctions, power surges and operator error, and any associated losses.
Umbrella insurance
Especially useful in high-loss situations, an umbrella policy can act as an added layer of protection to your business’s liability policies. Such a policy can provide coverage when the cost of a claim exceeds your policy’s limit of liability. For example, if your business receives a $1.5 million general liability claim after a customer injures themselves on your property, but your general liability policy limit is only $1 million, an umbrella policy could help cover the remaining $500,000.
Inland marine
This coverage helps protect your property in transit, as well as fine artwork and computer equipment and data.
Builder's risk
This coverage helps protect your construction projects throughout every phase, from groundbreaking to ribbon cutting.
