Business insurance provides the protection needed against unexpected disasters, accidents and lawsuits that may arise for those running their own businesses. It is especially essential if they own multiple locations.
A typical business insurance package typically consists of commercial general liability, property and auto coverages. Many industries also have specific industry-related policies like professional liability or errors and omissions coverages to further protect themselves.
Property Insurance
Protecting the physical assets of your business – such as its building, furniture, fixtures and inventory – with commercial property insurance is vital. Not only can it cover lost income in case of disaster but this form of coverage is often included as part of an owner’s policy or package policy.
Casualty insurance protects businesses against liability exposures associated with their operations, such as bodily injury and property damage caused by employees or negligence during work performance. Policies commonly offered include commercial auto, general liability and workers’ compensation policies.
Insureon makes it simple and quick to compare commercial insurance quotes from top U.S. providers with one simple application. Get started protecting your small business against property loss and theft today – choose among various industry-specific policies tailored to suit your business’s specific needs or explore our excess and surplus lines market if high-risk industries cannot get coverage with standard policies.
Liability Insurance
No matter the nature of your business, liability insurance should be among your top priorities. Protecting against accidents, property damage or injuries due to work performed at the company could result in costly claims if something should go wrong – Liability coverage helps your organization remain protected in case they ever find themselves facing legal proceedings against it.
General liability insurance is the go-to business liability policy. It covers you from potential risks such as bodily injury, property damage, copyright infringement and reputational harm as well as medical expenses, settlement bonds and judgments or awards.
General liability can be purchased alone or as part of a package deal that includes other policies like commercial property insurance or workers’ compensation. Many small businesses qualify for a Business Owners Policy (BOP), which bundles coverages together at a discounted rate. You might need umbrella or excess liability coverage to fill gaps in coverage. Depending on your industry and revenue figures such as annual revenue and time in operation will help determine your premium cost.
Business Auto Insurance
No matter if it’s one work truck or a fleet, business auto insurance provides vital protection for both vehicles and their drivers. Coverage typically includes collision and comprehensive physical damage coverage – which pays to repair or replace your company car after an accident; as well as liability protection against legal responsibility associated with accidents caused by you or an employee; hired/non-owned auto liability extends this protection against lawsuit liability claims due to accidents occurring with vehicles used exclusively for business purposes by yourself or employees.
Additional optional coverages could include roadside assistance, which helps cover towing and other roadside needs; and personal injury protection, which covers medical costs and lost wages related to an accident-related injury of anyone riding your insured vehicle regardless of fault. Your agent can assist in selecting suitable policies.
Employee Dishonesty Insurance
Employee dishonesty coverage, also known as crime insurance or fidelity bonds, reduces the effects of employee theft, embezzlement and forgery committed by current or former employees. These policies typically come as part of a business owners policy (BOP) or commercial crime fidelity policy but they can also be purchased separately; generally this policy covers losses caused by current and former employees as well as independent contractors, volunteers seasonal workers trustees partners directors.
Companies that handle substantial sums of money or securities could especially benefit from this coverage. While traditional commercial property and professional liability policies don’t typically cover theft by employees, employee theft protection should still be part of any business’s risk management plan. Also, businesses dealing with client data or credit card information could need this form of insurance in the event that an employee commits any fraudulent acts on behalf of their employer.