Business insurance coverage for a commercial operation can include the following and more:
- General liability insurance: Covers third-party liability claims for injuries to other people.
- Professional liability and malpractice insurance: Covers professionals against loss due to negligent professional duty, wrongful acts, and advice and services that lead to another person’s loss or injury.
- Product liability insurance: Covers against faulty products and damage, illness, injury or death that may occur from using a faulty product.
- Property insurance: Covers loss and damage to your commercial business property due to fires, storms and other causes.
- Commercial vehicle insurance: Covers commercial vehicles and drivers for collision, liability, property damage, personal injury and comprehensive coverage (also known as “other than collision”).
- Workers’ compensation: Covers your employees if they get ill or are injured while working on the job.
- Loss of income: Covers your business expenses, such as rent and employee wages, if you can’t operate your business.
- Key person insurance: Covers loss of income that may result from the head of the business or other key personnel becoming incapacitated or passing away (also known as key man insurance).
- Cybercrime insurance: Provides protection for risks due to Internet use and online communications.
- Records retention policies: Covers loss of important data and financial records.
- Specialty coverage: Insurance that covers various specific business risks, such as those of landlords, farmers, and commercial operations that put on one-day events, such as seminars or concerts.