Property and Assets
Every business has assets it needs to protect from financial loss. From your building to the vehicles your employees use for business functions. These assets are a major part of your business’s value and its ability to earn revenue. Several types of business insurance are designed to protect these assets and repair or replace them in case of disaster. These include:
Commercial Property Insurance
Covers buildings and other real estate property owned by your business in case of fire and similar disasters.
Business Contents Insurance
Covers assets contained or stored inside your business premises, e.g. furniture, inventory, computers, electronics, equipment and more.
Commercial Auto Insurance
Covers cars, trucks or other vehicles owned and used by your business.
Liability
If an employee, a customer or a bystander ends up hurt due to an incident involving your business, you can be sued and held legally responsible. Liability coverage is a must to protect your business in such situations. Liability policies may include:
General Liability Insurance
A general liability insurance policy coverage kicks in if someone gets hurt on your company premises or property damage to a third party caused by the service you provide or product you sell.
Product Liability
If a product your company makes turns out to be defective. Product liability insurance would help cover medical and legal costs in situations where the defective product led to user injuries.
Errors & Omissions Coverage
Professional liability insurance, or Errors & Omissions insurance, protects against claims of alleged negligence. In industries where the company is providing advice or professional services, it can help cover legal costs and damages awarded in civil lawsuits. Professionals who need E&O coverage include IT Consultants, Internet Consultants, Lawyers, Investment Brokers and Professional Consultants.
Cyber Liability
It protects your business in the case of a hack or cyber breach. Customers, clients or employees can sue your business if it compromises their personal data. Cyber liability helps cover legal costs and damages in such cases.
Workers’ Compensation Insurance
Workers’ comp helps pay for medical costs and salary replacement in situations where employees get hurt on the job. Usually, by accepting workers’ comp payments, employees waive their right to sue your company for negligence.