Types of Business Insurance

Insurance coverage is available for every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing.

General Liability Insurance

Business owners purchase general liability insurance to cover legal hassles due to accident, injuries and claims of negligence. These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.

Product Liability Insurance

Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety. Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm. The amount of insurance you should purchase depends on the products you sell or manufacture. A clothing store would have far less risk than a small appliance store, for example.

Professional Liability Insurance

Business owners providing services should consider having professional liability insurance (also known as errors and omissions insurance). This type of liability coverage protects your business against malpractice, errors, and negligence in provision of services to your customers. Depending on your profession, you may be required by your state government to carry such a policy. For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states.

Commercial Property Insurance

Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and includes lost income, business interruption, buildings, computers, company papers and money.

Property insurance policies come in two basic forms: (1) all-risk policies covering a wide-range of incidents and perils except those noted in the policy; (2) peril-specific policies that cover losses from only those perils listed in the policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance. All-risk policies generally cover risks faced by the average small business, while peril-specific policies are usually purchased when there is high risk of peril in a certain area. Consult your insurance agent or broker about the type of business property insurance best suited for your small business.
Home-Based Business Insurance

Contrary to popular belief, homeowners’ insurance policies do not generally cover home-based business losses. Depending on risks to your business, you may add riders to your homeowners’ policy to cover normal business risks such as property damage. However, homeowners’ policies only go so far in covering home-based businesses and you may need to purchase additional policies to cover other risks, such as general and professional liability.

Business Insurance Products:

Apartment / Habitational Insurance
Artisan/Contractor Insurance
Automotive Service & Repair
Automotive Trades Insurance
Business Auto Insurance
Commercial Real Estate Insurance
Commercial Umbrella Insurance
Institutional Insurance
Habitational Insurance
Hospitality Insurance
Manufacturing Insurance
Retail Store / Service Insurance
Restaurant Insurance
Wholesale/Distribution Insurance

Miscellaneous

Work Comp Insurance
EPLI
Bonds

Secondary Markets

Adult Day Care Insurance
Alarm Installer Insurance
Amusement Insurance
Animal Services Insurance
Apartment Insurance
Bakery Insurance
Bar/Tavern Insurance
Beauty/Barber Shop Insurance
Bed and Breakfast Insurance
Caterers Insurance
Church Insurance
Club Insurance
Communications Insurance
Condo and HOA Insurance
Day Care Insurance
Detective Agency Insurance
Distributors/Wholesalers Insurance
Event Planners Insurance
Excavation Insurance
Exercise/Health/Personal Trainer Insurance
Exterminators/Pest Control Insurance
Food and Beverage Mfg Insurance
Golf Course & Driving Range Insurance
Grocery Store Insurance
Halfway House Insurance
Home Health Care Agencies
Hunt/Skeet/Trap Club Insurance
Janitorial Insurance
Landowners Insurance
Landscaping Insurance
Laundries Insurance
Lessor’s Risk Insurance
Liquor Liability Insurance
Martial Arts Studio Insurance
Medical Equipment Supply Stores Insurance
Mobile Home Park Insurance
Motel/Hotel Insurance
Office Building Insurance
Outfitters and Guides Insurance
Parking Lot and Driveway Insurance
Pawn Shop Insurance
Pressure Cleaning Insurance
Push Cart/Farmers Market Insurance
Recycler Insurance
Restaurant/Deli Insurance
Security Guards Insurance
Selected Mercantile Insurance
Special Events Insurance
Sports Camps Insurance
Swim & Racquet Club Insurance
Swimming Pool Contractors Insurance
Swimming Pool Maintenance Insurance
Swimming Pool Management/Lifeguard Insurance
Tanning Salon Insurance
Tree Trimmers Insurance
Truckers Insurance
Vacant Building Insurance
Winery Insurance
Warehouse Insurance
Woodworking / Cabinetmaking Insurance