Business insurance, also called commercial business insurance or commercial insurance, is insurance coverage designed to cover a business, including its employees and ownership. There are a wide variety of different types of business insurance available such as Bonds, Builders Risk, Business Owners, Commercial Auto, Excess & Surplus Lines (Hard to Insure Risks), Farm, General Liability, Liquor Liability, Professional Liability, and Workers’ Compensation.
Having the right commercial insurance policies is a significant component of a comprehensive risk management strategy that can help protect your business’s finances. Our agency is here to help you with all of your business insurance needs. Call Smith & Associates Inc today to learn more or to get a free, no-obligation quote.
Business Insurance Policies
Every business’s insurance needs vary and may be influenced by company size, location, number of employees and industry. A few standard policies businesses may carry include the following:
- General liability insurance—A policy can provide coverage for claims of bodily injury or other physical injuries, personal injury (libel or slander), advertising injury and property damage. It can be offered as a package policy with other coverages such as property, crime, automobile and more.
- Business property insurance—Also called commercial property insurance, this coverage helps pay for damages to your company’s equipment and property after a covered accident or incident.
- Business interruption insurance—If your business must shut down or cease operations due to a covered incident, this coverage can help replace lost income and pay for extra expenses incurred during the shutdown.
- Commercial auto insurance—If your company has vehicles, you will likely need to secure a commercial auto insurance policy to properly insure any fleet members or employees who are drivers for your organization.
- Professional liability insurance—This type of policy provides coverage if anyone makes a claim of negligence, misrepresentation or inaccurate advice against your business.
- Workers’ compensation insurance—This coverage can help employees who become injured or ill due to a work-related incident receive replacement income, medical benefits and other financial assistance if they cannot work. Most states require that employers carry workers’ compensation insurance.
- Data breach insurance—This insurance helps you as a business owner respond to a breach if your customer’s personally identifiable information or personal health information gets lost or stolen. If your small business is the victim of a breach, data breach coverage can help pay to: Notify affected customers, patients or employees, Hire a public relations firm, or Offer credit monitoring services to data breach victims. A policy may also include; Business income and extra expense coverage to help replace lost income if you can’t run your business because of a data breach and Extortion Coverage, which helps cover the amount you paid if someone takes your business’ data and demands a ransom.
- Cyber liability insurance—Cyber liability insurance helps cover financial losses due to cyberattacks or other tech-related risks, as well as privacy investigations or lawsuits following an attack. If a hacker locks your computers, starts deleting files and demands a ransom, this insurance can help you respond to the attack and help your business recover lost files and income. Cyber liability insurance can help cover: Legal services to help you meet state and federal regulations, Notification expenses to alert affected customers that their personal information was compromised, Extortion paid to recover locked files in a ransomware attack, Lost income from a network outage, Lawsuits related to customer or employee privacy and security, Regulatory fines from state and federal agencies.
Depending on your business and industry, you may need to purchase other insurance policies for proper coverage. Contact Smith & Associates Inc today to discuss your insurance needs.