Business Insurance Coverage Types

A complete business insurance policy consists of these essential types of commercial coverage.

Accounts Receivable Insurance

Accounts Receivable Insurance

This coverage can reimburse your business for non-payment issues for your products and services. This can include incidents of customer bankruptcy or insolvency, missed payments, or skipped payments.

Bailees Coverage

Bailees Coverage

This coverage protects a business against claims due to damaged, destroyed, or lost customer property while under its care, custody, or control. Businesses that temporarily take possession of customer property for repairs need this coverage.

Blanket Insurance

Blanket Insurance

This is a convenient policy that covers multiple properties, activities, or items. Blanket insurance is most commonly used for property insurance, but can also be used for liability insurance, health insurance, or any other type of coverage.

BOP

BOP Insurance

What is BOP insurance? A BOP is a convenient policy for small businesses that combines commercial property insurance, business interruption insurance, and commercial general liability insurance.

Builders Risk

Builders Risk Insurance

What does builders risk insurance cover? It covers unfinished construction projects and associated building materials from perils like fire damage, theft, etc., on the site.

Business Equipment Insurance

Business Equipment Insurance

This coverage helps businesses get the reimbursement they need if critical equipment or tools get damaged, destroyed, stolen, or lost. Any business that relies on essential equipment and tools to function properly needs this coverage.

Business Interruption Insurance

Business Interruption Insurance

This coverage can reimburse a business for lost income and continued operating expenses like employee salaries during covered temporary closures. The cause of the closure must be a covered event, such as fire damage.

Business Umbrella

Business Umbrella Insurance

What does business umbrella insurance cover? It covers excess liability costs if your business gets hit with a lawsuit and the expenses surpass the coverage provided by an underlying commercial liability policy.

Certificate of Insurance

Certificate of Insurance

This is an official document that provides proof of a certain type of business insurance. Also known as a COI, a certificate of insurance may be requested by landlords or prospective customers or clients who are interested in working with you.

Cyber Liability

Cyber Liability Insurance

What does cyber liability insurance cover? It covers associated costs if your business falls victim to a data breach or another type of cyber attack.

Directors and Officers Insurance

Directors and Officers Insurance

This coverage protects a business's directors and officers from the cost of liability claims if they are sued. D&O insurance can cover the cost of legal defense, settlements, etc. if a director or officer fails to perform their role properly.

Employers Liability Insurance

Employers Liability Insurance

This coverage can protect businesses against claims made against them by injured or ill employees who were harmed by their job duties or workplace. This policy may be needed in place of or in addition to workers' compensation insurance.

Employment Practices Liability Insurance

Employment Practices Liability Insurance

What does employment practices liability insurance cover? It covers lawsuit costs for your business if an employee makes a claim against it of wrongful termination, sexual harassment, discrimination, and more.

Environmental Liability Insurance

Environmental Liability Insurance

This coverage can protect businesses against claims of polluting the environment and pay for legal defense costs in the event of a lawsuit. Also known as pollution insurance, this coverage can pay for necessary cleanup costs.

Errors and Omissions

Errors and Omissions Insurance

What does errors and omissions insurance cover? It covers third-party claims against your business for negligent acts, professional services or advice offered that caused injury or loss, and other incidents of professional errors or omissions.

Event Liability Insurance

Event Liability Insurance

This coverage can protect event organizers against claims related to incidents that arise during special events. Often required by venues, event liability insurance can cover costs related to guest injuries, rented property damage, and more.

Fiduciary Insurance

Fiduciary Insurance

This coverage protects businesses against losses arising from claims of a breach of fiduciary duty. Claims can be related to a director or officer behaving in a manner that's not in the best interest of beneficiaries or plan participants.

Fire Legal Liability Insurance

Fire Legal Liability Insurance

This coverage can protect property owners and tenants from losses that arise from fires. Fire legal liability insurance can cover legal defense costs in case of a lawsuit and reimburse for expenses related to property damage, injuries, or fatalities.

Garage Keepers Insurance

Garage Keepers Insurance

This coverage protects businesses that temporarily have customers' vehicles in their care, custody, or control, such as garages. This insurance can pay for vehicle damage or loss from theft, vandalism, collisions, or severe weather.

Inland Marine Insurance

Inland Marine Insurance

This coverage can protect certain mobile equipment, such as tools needed for a job, against incidents of theft, damage, or destruction. Inland marine insurance can reimburse a business for repairs or replacements of covered equipment.

Key Person Insurance

Key Person Insurance

This is a type of life insurance taken out in the name of a key employee or business owner in case that person dies or becomes disabled. If a successful claim is filed, the business receives a lump sum payment to help prevent losses and fund a replacement.

Liquor Liability Insurance

Liquor Liability Insurance

This coverage can protect owners of bars and other establishments that serve alcohol against claims related to property damage or bodily injury caused by intoxicated patrons. Incidents can be covered even if an intoxicated patron leaves the premises.

Media Liability Insurance

Media Liability Insurance

This is a special type of professional liability insurance that protects media and advertising agents against claims related to advertising injuries, defamation, invasion of privacy, etc. It can cover legal defense costs and settlements in a lawsuit.

Patent Infringement Insurance

Patent Infringement Insurance

This coverage can protect businesses against liability claims and other losses related to patent infringement. It can cover lawsuits and other costs if a business is accused of infringing on another person's intellectual property.

Pollution Insurance

Pollution Insurance

This is another name for environmental liability insurance, which can protect businesses against claims of polluting the environment and pay for legal defense costs in case of lawsuits. This coverage can also pay for necessary cleanup costs.

Premises Liability Insurance

Premises Liability Insurance

This coverage protects businesses against claims arising from third-party injuries on the company premises, such as slip-and-fall accidents. Typically a part of general liability insurance, premises liability coverage can also pay for legal defense costs.

Product Liability Insurance

Product Liability Insurance

This coverage can protect businesses against claims of harm done to third parties by the products they manufacture, sell, or distribute. It can cover legal defense and settlement costs in a lawsuit and also cover injury and property damage expenses.

Public Liability Insurance

Public Liability Insurance

This coverage is a more narrow form of general liability insurance that protects businesses against claims made by the general public, including customers, guests, and delivery workers. Covered claims can include bodily injuries and property damage.

Surety Business Bonds

Surety Business Bonds

A surety bond is a legally binding contract that ensures a business will fulfill a certain obligation, such as meeting a deadline, completing outlined duties, or paying a debt. Surety bonds can help reduce or transfer risks in many types of business transactions.

Trade Credit Insurance

Trade Credit Insurance

This is another name for accounts receivable insurance. Coverage can reimburse a business for non-payment issues for products and services, such as incidents of customer bankruptcy or insolvency, missed payments, or skipped payments.

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