Types of Commercial Insurance Policies
There are various types of commercial insurance policies available in the market that businesses should consider. These policies provide coverage for different types of risks and liabilities that a business may face.
While commercial insurance policies provide coverage for various types of risks and liabilities, it’s important to be aware of the common exclusions. These exclusions may vary depending on the policy type and insurer, but some examples include:
- Intentional acts: Most policies exclude coverage for any damages resulting from intentional acts by the business or its employees.
- Pollution: Many policies exclude coverage for damages caused by pollution, whether it’s accidental or intentional.
- Cybersecurity: Some policies may not cover losses related to cyberattacks or data breaches, which are becoming increasingly common in today’s digital age.
- Employee injuries: If a business has employees, they will typically need to purchase a separate workers’ compensation policy to cover any injuries sustained on the job.
It’s important for businesses to carefully review their insurance policies and understand what is and isn’t covered. In some cases, additional coverage may need to be purchased to ensure adequate protection against certain risks. Below are different types of policies to consider when looking to protect your business.
General Liability Insurance
General liability insurance provides coverage for bodily injury, property damage, and advertising injury claims. This policy can protect your business from lawsuits and legal expenses resulting from accidents or incidents that occur on your premises or as a result of your operations.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, provides coverage for claims arising from negligence or mistakes made by professionals such as doctors, lawyers, accountants, and consultants. This policy can protect your business from lawsuits and legal expenses resulting from errors or omissions in the services you provide.
Property insurance provides coverage for physical damage to your business property caused by perils such as fire, theft, vandalism, or natural disasters. This policy can help you rebuild or repair damaged buildings and replace lost or damaged equipment.
Workers’ Compensation Insurance
Workers’ compensation insurance provides coverage for medical expenses and lost wages for employees who suffer work-related injuries or illnesses. This policy can protect your business from lawsuits and legal expenses resulting from workplace injuries.
These are just some of the commercial insurance policies available in the market that businesses should consider. It’s important to assess your business risks carefully and consult with an experienced insurance agent to determine which policies are right for you. Call us today to see how we can help cover all liability possibilities for your business!