Business Insurance

There are a few different types of commercial policies that a business owner can purchase, depending on the nature of their business and their needs. The most common types of insurance policies are listed below:

• Workers Compensation– Almost all states require businesses with employees to purchase a workers compensation policy. This type of policy covers any medical or lost wages to an employee who is injured on the job.
• General Liability– A general liability policy protects business owners by paying for bodily injury or property damage for which they are legally responsible.
• Professional Liability– For the business owner who sells a service, professional liability is a must. This policy will pay for any damages that results from negligence or an error in providing this service.
• Commercial Property– Any business owner who has physical assets can benefit from a commercial property policy. This policy covers any property such as computer equipment, inventory or signage from specific events like fire, theft, and vandalism.
• Business Interruption– If a business is closed due to a certain event, a business owner can potentially lose money in sales. Business interruption insurance provides coverage for operating expenses if a company is forced to close for a period of time.
• Business Owner’s Policy (BOP)– A BOP, or business owner’s policy combines general liability, commercial property, and business interruption coverage.