Understanding the Different Types of Business Insurance

Running a business sometimes requires juggling day-to-day operations and unexpected financial challenges. Business insurance addresses common risks, and can be tailored to meet your needs.

Property and Liability Coverage

Property and liability coverage are two of the most common types of business insurance.

Property insurance may help repair or replace your building, equipment or inventory if they are damaged by events such as fire or storms. Equally as important, liability insurance may assist with legal costs and damages if your business is found responsible for injuring someone or causing harm to their property.

Employee-related Coverage

Businesses with employees often carry workers’ compensation insurance. This coverage may help pay for medical expenses and lost wages if an employee is injured on the job. In many states, workers’ compensation is required.

Specialized Coverage Options

Beyond the basics, businesses may consider specialized policies depending on their operations.

For example, professional liability insurance may cover mistakes in services or advice. Commercial auto insurance may be required if the company uses vehicles to conduct business. Cyber liability insurance can help cover data breaches or cyber attacks.

Reviewing these specialized coverages can help tailor an insurance plan to your unique situation.

Learn More

Business insurance comes in many forms, and the right combination can help address a range of risks. Contact us at our office today to review coverage options and get a quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.