There are a variety of commercial insurance policies that will cover your business. From property and liability to workers compensation, many companies offer packages that may cover your standard business needs. Property insurance provides coverage for rebuilding after damage has occurred to the property, such as flooding or fire. Liability insurance protects against lawsuits or other claims that may be brought against the business, and workers compensation covers injuries that may occur to employees while they are working.
According to the American Bar Association, a business owners' policy-or BOP-will cover most of the common risks of small businesses like homeowner's protection covers an individual's property. Additional business insurance may be added to a BOP to cover specific needs like business interruption cover if these are not already included in the plan. Purchasing a BOP will help keep premiums down, as the coverage is lumped into one policy rather than separate policies with individual premiums. The National Federation of Independent Businesses offers additional information to assist you in determining the types of business insurance your business requires.
Some of the commercial policies that may be necessary include:
Business interruption, which reimburses projected income and expenses that are lost because of extensive property damage or theft while business is interrupted.
Debris removal which is a type of business property insurance that covers the expenses for removing debris after damage has struck but before rebuilding can occur.
General liability, a type of business insurance that covers legal expenses incurred because of damages, injuries, and negligence.
Glass -protects the financial risk of broken windows.
Home-based which will offer additional protection in the event that a homeowner's policy does not include general or professional liability coverage.
Product liability-that covers the risk a company's product may be defected and cause injury or bodily harm.
Professional liability-, also known as errors and omission insurance, protects against malpractice or errors in rendering services to clientele. This may be required in some states depending on your profession, i.e. physicians are required by law to have professional liability insurance.