This insurance is available to businesses that operate out of commercial buildings. Loss and damages due to theft, fire, smoke, wind, hail, vandalism and other events listed in the policy are covered. Business property is usually defined as buildings, equipment, documents, business interruptions, lost income and money. A home based business can purchase similar coverage in addition to the standard home owner’s policy.
This insures against loss or damages to the business. It is usually combined or packaged with the property coverage.
General Liability Insurance
This coverage protects the business in the case of a lawsuit or claim that arises from an accident, injury or negligence caused by the company or by an employee. The insurance company will cover all expenses including legal representation with the exception punitive damages.
Professional Liability Insurance
This is also known as “Errors and Omissions Coverage” and is necessary for businesses that provide professional services. They are covered for malpractice, errors or negligence in the services provided to customers. This may take on different names depending on the industry, such as “Medical Malpractice Insurance” for medical professionals.
Product Liability Insurance
This policy covers the insured for claims that arise from injuries due to a defective product. Coverage will vary from company to company.
Commercial Auto Insurance
This policy insures vehicles used in the normal course of business. It covers damages to the vehicle, personal injury and the loss of use of the vehicle due to an accident. These vehicles would include automobiles, vans and trucks.
Business Interruption Insurance
This covers the loss of income and expenses that arise after a covered event or peril interrupts the normal operation of the business. For instance, if your building is damaged in a fire, the property insurance will cover the repairs to the building, but not the loss of business that occurs.
These policies insure your employees for injuries occurring on the job. Most states have put some program into place that employers can participate in.
Boiler & Machinery Insurance
This insures the business against physical damage to boilers, machinery and equipment.
Builder’s Risk Insurance
This insures against the physical loss or damage to a building or property during construction.
This protects against loss of property caused by flooding. The US government has created the “National Flood Insurance Program” when insurers in areas of the country do not provide flood insurance.
This covers companies against losses that are the result of fraudulent acts by dishonest employees.
This is a three part insurance policy guaranteeing the performance of the principal.
The insurance covers bodily injury, property damage and the cost of clean ups due to harm caused by pollutants.