Business Insurance

Types of Business Insurance

Business Owner's Policies (BOP)

A Business Owners Insurance Policy is a package that bundles Property Insurance and Liability Insurance together through one affordable premium. The coverage is meant to appeal to small businesses with 100 or less employees, and so the coverage for this Business Insurance is very broad

General Liability Insurance

A form of business insurance designed to protect employers and staff from a wide variety of liability exposures. These exposures could include accidents resulting from the premises or the operations of an insured product sold by the business, operations completed by the insured, and contractual liability.

Business Property Insurance

Insurance that indemnifies a person with an interest in physical property for its loss or the loss of its income producing abilities. This definition includes all lines of insurance written by Property and Inland Marine insurers and can also include certain kinds of insurance written by Casualty insurers, e.g., Burglary and Glass coverages.

Workers' Compensation Insurance

Liability insurance some employers to pay benefits and medical care to employees for on-the-job injuries, and to pay benefits to dependents of employees killed by occupational accidents.

Professional Liability/ Errors & Omissions Insurances

(1) A form of insurance that compensates the insured for any loss sustained because of an error or oversight on his part. For instance, an insurance agency purchases this type of coverage to protect itself against losses from such things as failing to issue a policy.

(2) A form of insurance which covers losses resulting from financial institutions failing to effect insurance coverage.

Directors and Officers Insurance

Insurance that protects directors and management from liability claims arising out of alleged errors in judgment, breaches of duty, and wrongful acts related to their organizational activities.

Business Vehicles Insurance

Many vehicles used in business (such as private passenger cars, pickups, light vans, and sport utility vehicles) can be insured in the same manner as your private vehicles. The same coverages are available to protect you against liability claims that arise out of the operation of the business vehicle. Other coverages, such as protection for damage to the vehicle itself are also available.

Business Interruption Insurance

Protection for a business against losses resulting from a none permanent shutdown because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary continuing expenses.

Key Person Life Insurance

Insurance policies designed to protect a business against the loss of income resulting from the disability or death of an employee in a significant position.

Business Travel Insurance

Limited contracts covering accidents that occur only while a business person is traveling on business for an employer, away from the usual place of business, and on named conveyances.