Having the proper business insurance coverage at an affordable rate can be the deciding factor between the success and failure of your business. Allow our commercial insurance experts to guide you towards success. Get a quote today!
What is Business Insurance?
Business insurance protects your investment by minimizing financial risks associated with unexpected events, such as the death of a partner, an injured employee, a lawsuit, or a natural disaster. It encompasses a variety of coverages available to business owners aimed at protecting against losses and ensuring the continuity of operations.
Major Types of Business Insurance
Understanding the different types of business insurance can help you choose the right coverage for your needs. Here’s a breakdown of the major types:
| Coverage Type | Description |
|---|---|
| General Liability Insurance | Provides protection against liability claims for bodily injury and property damage arising from business operations. |
| Commercial Auto Insurance | Covers vehicles owned or operated by the business, providing protection against damage and liability in traffic collisions. |
| Commercial Property Insurance | Protects against loss of buildings and personal property, with coverage available on an all-risk or specific perils basis. |
| Commercial Umbrella Insurance | Offers additional liability coverage beyond primary commercial insurance policies and can cover losses not included in those policies. |
| Professional Liability Insurance | Protects professionals from claims of negligence related to their services; also known as errors & omissions (E&O) insurance. |
| Business Owner’s Package (BOP) | Combines protection from multiple property and liability risks for small and medium-sized businesses, often at a lower premium. |
| Workers Compensation | Provides wage replacement and medical benefits to employees injured at work, in exchange for employees relinquishing the right to sue for negligence. |
| Group Health Insurance | Offered by employers to eligible employees as part of employee benefits, covering medical expenses for the group. |
| Group Life Insurance | Covers a group (such as employees) without individual proof of insurability; commonly used for employee benefits. |
| Group Disability Insurance | Offers income replacement for members of the group in case of disability due to illness or injury, available as short-term or long-term coverage. |
| Supplemental Insurance | Additional insurance to cover out-of-pocket expenses not covered by regular policies. |
Each type of coverage provides distinct benefits tailored to your specific business needs.
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Interested in learning more about the right business insurance for you? Contact us today to get started!