Business insurance can help protect against the financial consequences of covering losses from a variety of causes.
With many different options, businesses can add coverages for specific risks such as property damage, lawsuits, lost business income, and other covered losses to create the optimal business insurance policy for their needs.
Necessary Business Insurance Coverage Options
Among the most popular business insurance policies are business owner policies (BOPs).
These cover general liability, business property and business income. If you buy a BOP, you can have all of these coverages in one policy to save money and time on administration.
Insurance can cover your business from a variety of risks, for example, your business could be sued for bodily injury or property damage if a customer gets hurt in your store. Insurance can protect you from the costs of these claims.
General liability insurance can help cover the costs of a claim, defend you against claims, and protect your company from losses resulting from advertising errors.
Business property insurance can protect your business’s assets from damage or theft. The policy covers everything from furniture, tools, equipment, and inventory to buildings.
Business income insurance helps prevent income loss if you are temporarily out of work due to a covered loss like theft or property damage from a fire. It can also make it possible to keep paying your bills while you wait for a replacement or repair.
Professional liability insurance can help cover the cost of claims that your business made errors. When something goes wrong and a client incurs losses as a result, professional liability insurance can help cover the costs if the client makes a claim. A business doesn’t need to do anything wrong to be sued, and in most cases coverage will apply if sued.
Workers’ comp insurance helps cover costs related to lost wages, medical expenses, and disability. It also helps pay for legal fees in the event a worker sues your business.
Commercial auto insurance can help protect businesses from the costs of work-related auto accidents. If a commercial auto policy is in place, an accident caused by an employee while driving for business reasons isn’t the end of the world as costs are covered.
Commercial umbrella insurance provides extra coverage when you are exposed to huge amounts of liability. For example, say you have a customer who slips and injures himself in your store. The customer later makes a claim against you for $200,000. You have general liability insurance that covers up to $150,000 so you are left with $50,000 in liability. Now your commercial umbrella insurance coverage will come in and cover this remaining $50,000.
Commercial flood insurance can help protect your business from the financial costs of a covered flood. It can also protect your business assets, including physical location and inventory. For instance, if the snow melts and floods the basement of your business, it will damage the floor, inventory, and equipment. Depending on the extent of the damage, commercial flood insurance may help cover the cost to repair the floor, inventory, and equipment that was damaged.
Employment Practices Liability (EPL) helps protect your business from the financial burden of legal claims by employees. Even if you are not at fault, defending a lawsuit can be costly. EPL provides the coverage you need to cover the costs of defending claims such as harassment, wrongful termination, or discrimination.
Get Business Insurance Coverage Today
Now that you know some of the primary things that business insurance covers you can stop asking ‘what does business insurance cover‘ and you can start comparing your insurance rates today.
Quickly compare your current business insurance policies with new coverages and rates. We make it hassle-free to help you find the optimal coverage at a great price.