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Business Insurance
Business insurance is a set of policies designed to protect a company from financial losses due to unexpected events such as property damage, liability claims, employee injuries, or business interruptions. It helps ensure continuity and stability by mitigating risks.
Key Types of Business Insurance Coverage
General Liability Insurance
Purpose:
Protects against claims of bodily injury, property damage, and personal injury (e.g., slander, libel).
Why is this important:
Covers legal fees and settlements if someone sues your business.
Commercial Property Insurance
Purpose:
Covers physical assets like buildings, equipment, inventory, and furniture against risks such as fire, theft, or natural disasters.
Tip:
Often paired with business interruption coverage.
Business Interruption Insurance
Purpose:
Provides income replacement and operating expense coverage if your business is forced to close temporarily due to a covered event.
Example:
Fire damages your store, and you lose revenue during repairs.
Workers’ Compensation Insurance
Purpose:
Mandatory in most states; covers medical expenses and lost wages for employees injured on the job.
Benefit:
Protects both employees and employers from financial strain.
Professional Liability Insurance (Errors & Omissions)
Purpose:
Protects service-based businesses against claims of negligence, mistakes, or failure to deliver promised services.
Common for:
Consultants, accountants, lawyers, healthcare providers.
Commercial Auto Insurance
Purpose:
Covers vehicles owned or used by the business for accidents, damage, and liability.
Note:
Personal auto policies usually don’t cover business use.
Cyber Liability Insurance
Purpose:
Protects against data breaches, cyberattacks, and associated costs like notification, legal fees, and recovery.
Critical for:
Businesses handling sensitive customer data.
Product Liability Insurance
Purpose:
Covers claims related to defective products causing injury or damage.
Essential for:
Manufacturers, distributors, retailers.
Directors & Officers (D&O) Insurance
Purpose:
Protects company executives from personal liability for decisions made in their official capacity.
Important for:
Corporations and nonprofits.
Umbrella Insurance
Purpose:
Provides extra liability coverage beyond the limits of other policies.
Benefit:
Adds an additional layer of protection for large claims.
Optional or Specialized Coverages
- Employment Practices Liability Insurance (EPLI): Covers claims of wrongful termination, discrimination, harassment.
- Key Person Insurance: Protects against financial loss if a critical employee or owner dies or becomes disabled.
- Inland Marine Insurance: Covers goods in transit or mobile equipment.
