Types of Business Insurance: Insurance321

Business Insurance Coverage Types

Bailee's Coverage

Bailee’s insurance generally protects businesses who are temporarily in possession of another person's or business’ property from damage or loss of customer property while on the premises or in transit. Coverage is often protected from theft, water damage, collisions, and explosions.

Builder's Risk Insurance

Builder's risk insurance is a special type of property insurance protects a builder or owner against damage that occurs to new or existing buildings that are under construction. A Builder's risk policy can help protect the materials, property, and equipment necessary for your project.

Business Crime Insurance

Business crime insurance is a policy that protects businesses from losses realted to crime that occurs in a business. This insurance coverage can cover cash on hand or other assets, inventory, or other loss when someone defrauds the business. This coverage is also commonly called commercial crime insurance.

Business Interruption Insurance

Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs. ,

Business Owner's Policy

A Business Owner’s Policy is a combination of business liability insurance and business property insurance. A BOP generally protects business owners from liabilities, property damage, perils, and business interruptions. Additional coverage can include spoilage of merchandise, data breaches, forgeries, particular crimes, vehicle coverage, and more.

Commercial Auto Insurance

Commercial auto insurance covers your business against bodily injury and property damage as a result of operating a company vehicle, such as a commercial truck and company car. Different types of coverage that accompany commercial auto insurance include medical payments from accidents, collision coverage for car damages, auto liability if someone sues, comprehensive coverage in case of a theft, and uninsured motorist coverage.

Commercial Flood Insurance

Many years, flooding affects more businesses than any other type of natural disaster. Flood insurance typically reimburses businesses for the current replacement value of buildings and contents in the event that they are damaged by a flood.

Commercial General Liability Insurance

Commercial general liability typically provides coverage in case an injury or damage takes place on a business’ property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone’s home can slip and cause damage.,

Commercial Pollution Insurance

Pollution insurance reimburses businesses for costs related to injuries, deaths, and other damage caused by pollution. In many cases, it also pays for cleanup and brownfield restoration. Pollution insurance policies often reimburse victims even when the company held liable is forced into bankruptcy.

Commercial Property Insurance

Commercial businesses can benefit from commercial property insurance if they have a vast amount of office and manufacturing equipment, essential documents, high volume inventory, and landscaping. Commercial property insurance can cover these types of property from perils, such as a natural disaster or theft,

Commercial Rental Property Insurance

Commercial renter’s insurance generally covers you if office equipment or goods get stolen or damaged while renting out an office, warehouse, store, or other commercial property,

Commercial Travel Insurance Coverage

Trip and travel insurance commonly covers canceled trips, medical emergencies while abroad, lost luggage, delayed flights, and emergency evacuations,

Commercial Trucking: Primary Liability Insurance

Primary liability insurance commonly covers your truck from claims of injuries or damaging other people’s property. Primary Liability Insurance typically does not, however, cover damage to your own truck or the transported goods on board,

Commercial Trucking: Bobtail Liability Insurance

Bobtail liability commonly comprises of coverage after a delivery has been made, and the truck is heading to the next pickup location or back home and not being used for trucking purposes,

Commercial Trucking: Physical Damage Insurance

Physical damage insurance can protect your trucks in case of a collision on the road, thefts, or towing expenses. However, it does not typically cover cargo damages or items that are not permanently attached to the truck’s trailer,

Commercial Trucking: Unladen Liability Insurance

Unladen liability generally covers property damage and bodily injuries for trucks operating a unit that is not loaded. This can include deadheading, where no cargo is aboard, and bobtailing, where there is no trailer attached,

Commercial Umbrella Insurance

Commercial umbrella insurance provides additional liability coverage, and thus more protection against property damage or bodily injuries. Your commercial umbrella policy sits over your underlying general liability and/or other liability policies to provide excess liability limits in the event you become liable for expenses that surpass your underlying limits. Umbrella policies may also broaden coverage by offering additional coverage limits not included in your underlying policy(ies).

Corporal Punishment Liability

Educators have a responsibility to look out for the safety and well-being of their students. Whether it’s in a large public school or a higher learning facility, it’s beneficial for teachers and their employers to have insurance protection in place that is suited to their job and work environment. Corporal punishment liability can provide that type of protection by potentially assisting with legal fees and other costs associated with allegations of misconduct.

Cyber Liability & Data Security Insurance

Cyber liability insurance provides coverage against financial losses and accompanying liability due to a data breach. Examples can include paying for costs associated with recovering/repairing lost data, recovering computer systems, notifying customers of data breaches, providing legal defense, and regulatory fines,

Directors & Officers Insurance

D&O liability insurance typically protects directors and officers of organizations and businesses if they were to get sued due to misrepresentation or giving incorrect information. Personal losses, lawsuits, and defense fees can be covered, though criminal offenses and illegal profits are often not included,

Employment Practices Liability Insurance

Employment Practices Liability Insurance typically covers companies from claims by employees alleging such wrongful acts as discrimination, wrongful termination, sexual harassment, and other employment-related issues,

Equipment Rental Insurance

Equipment rental insurance commonly protects equipment a business rents in the event of property damage or bodily injury while handling such products,

Errors & Omissions Insurance Coverage

E&O is a kind of professional liability insurance that can protect employees and companies from claims against negligent work and mistakes made in professional advice or services given. See Professional Liability

Errors & Omissions Insurance: Claims Made Policy

Claims-made policies provide coverage for losses that happen during the policy period and that are reported within the extended reporting period and after the retroactive date. (The extended reporting period is the timeframe after the policy's expiration when the insured can still report claims that happened during the policy period; the Retroactive Date is a specific date that a policy's coverage begins),

Errors & Omissions Insurance: Occurrence Policy

An occurrence policy covers losses that take place during the policy term, no matter when the loss is reported to the insurance company. In other words, a loss can typically be reported after a term has expired, but it has to have occurred during the policy term.

Farm & Ranch Business Insurance

Insurance for a farm or ranch can be complex. It can vary based on the scale of your operation, your crops and livestock, the equipment you use, and whether your farm doubles as your residence. Because of that complexity, it’s important to work with an insurance provider that understands the industry and will work to understand your agribusiness coverage needs.

Farm Equipment Insurance

Farm equiment is expensive to repair and replace. With farm equipment insurance you are covered in the even that your valuable equipment is damaged or destroyed. A farm equiment policy can cover equipment for damage resulting from: 1. Theft 2. Fire 3. Storm Damage 4. Vandalism 5. Collisions 6. Glass breakage 7. Lightning

Food Spoilage Insurance

Food spoilage insurance protects restaurants and other food-based businesses in the event of lost inventory caused by a power outage, equipment malfunction, or other factors. This type of coverage can also apply to food contaminated through other means, such as being mishandled or improperly stored. This can help mitigate the cost to your business of replacing your inventory, repairing equipment, or dealing with fallout costs.

Food-Borne Illness Liability Insurance

Foodborne illness coverage can typically cover losses due to food contamination. Depending on the premium, coverage can also include recall costs, rehabilitation expenses, adverse publicity, revenue loss, and crisis management.

Freight Insurance

Freight insurance is usually when a third-party insures the value of cargo while in transit. It typically protects customers from damaged or lost freight during packing, loading, and carrying,

Freight Liability Insurance

Freight liability is usually when a carrier is liable for shipment damages, delays, or losses if it was not due to an act of God, an act of the shipper, an act of public enemy or authority, or vice of the goods themselves. Then, the carrier would typically be responsible for paying for the loss of shipment,

Garage Keepers Liability Insurace

Garage keeps liability insurance is coverage that commonly protects a customer’s vehicle from getting damaged while in a policyholder’s custody or care. Damage can happen when a car is getting repaired, washed, towed, parked, and stored,

Garage Liability Insurance

Garage liability insurance generally covers property damage and bodily injury from garage operations. Examples can include customers being injured while on business grounds, and an employee’s theft or vandalism to a customer’s car,

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Habitational & Lessor's Risk Insurance

Habitational insurance, sometimes also called "lessor's risk insurance," covers owners of properties leased for commercial purposes against losses or damages related to injuries on the property or some tyes of property damage not covered by a tenant policy. This may include costs related to legal defense even if the owner or landlord is found not liable.

Hired & Non-Owned Auto Insurance

HNOA insurance generally covers for commercial liabilities and defense costs due to car accidents while driving a hired auto or non-owned auto. Examples of hired auto could be a rental car or company car used for work purposes. A non-owned auto could be a personal car an employee uses to run business errands,

Inland Marine Insurance

Inland marine coverage commonly offers property insurance for items moving in transit over land such as by trains or trucks. Losses from cargo theft or collisions are generally covered by inland marine insurance,

Insurance Coverage for Retail Stores

Store or shop insurance generally protects your physical retail store and inventory from losses due to theft, vandalism, and fire. It is advisable to write a list of how much all of the equipment and goods in a store are worth to determine coverage,

Liquor Liability Insurance

Liquor liability insurance generally covers businesses that serve, manufacture, and sell alcoholic beverages as part of their daily operations from legal fees and medical costs associated with property damage or bodily injury caused such business operations,

Marine Hull Insurance

Marine hull insurance typically provides coverage to water vehicles such as ships, boats, and yachts. Financial protection is generally given if a vessel’s hull or machinery gets damaged due to theft, fire, earthquake, or a third party,

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Marine Operator's Liability (MOLL) Insurance

MOLL insurance generally protects coastal marina operators from private pleasure vessels getting damaged from mooring, hauling, fueling, launching, and storing. Such coverage can typically incorporate waterborne and land exposures,

Molestation & Abuse Liability

Care providers and organizations face specific risks that often require specially designed coverage. If you work with vulnerable populations such as children or seniors, it’s important to not only have an abuse & molestation policy in place, but also to be certain that your policy your policy scope matches your needs with appropriate coverage limits. This applies to many types of schools, day care businesses, senior care facilities, and religious organizations.

Ocean Marine Cargo Insurance

Marine cargo insurance commonly protects products shipped by air or water from loss or damage. This can generally include moving goods from a warehouse to the final destination, and all the transportation associated with such transit,

Ocean Marine Insurance

Ocean marine insurance typically protects goods and merchandise being shipped via marine transport, both domestically and internationally. It also commonly covers land and air transportation in the process of getting to the marine shipment,

On-Hook Towing Insurance

On-Hook Towing Insurance covers damage to vehicles while they are being towed from one place to another. This coverage pays to repair vehicles that you do not own if they are damaged by collision, vandalsim, or any other covered loss while your truck is towing them.

Ordinance & Law Insurance Coverage

Ordinance and law coverage is an important coverage to have in your property policy, especially if your business owns an older building. Following a covered cause of loss, it provides coverage in the event that a certain ordinance, law or regulation requires you to repair or rebuild your building so that it is meets certain codes or requirements. Examples can include updating the electricals, HVAC units, and structure of an entire building.

Premises Liability Insurance

Premises liability insurance commonly protects you from accidents that occur on your company’s premises, causing bodily injuries or property damage. Premises can be comprised of, but are not limited to, your office space, garden in front of your workplace, and parking lot. Note: If you have a General Liability policy, then you already have premises liability coverage!

Product Liability Insurance

Product liability insurance generally protects companies from claims of bodily injuries and property damage due to a product defect that was manufactured, distributed, or sold. This can include giving inadequate information or instructions on how to use the product correctly,

Professional Liability Insurance

Professional liability insurance protects those in specialized professions from the unique legal exposures they face while performing their jobs. Depending on the context, professional liability is also sometimes referred to as E&O (errors & omissions) coverage, professional indemnity insurance, or malpractice insurance. Accountants, nurses, engineers, and others in similarly complex fields are often either required or strongly encouraged to have professional liability. Due to the nature of their work, client expectations for individuals in these fields are understandably high, and the work itself is heavily regulated. Coverage against errors & omissions applies in instances of actual or perceived mistakes, negligence, or breaches of contract.

Protection & Indemnity Insurance (P&I): Marine Liability

P&I insurance commonly covers maritime liability risks that traditional insurers do not always cover in relation to operating a vessel. Examples can include war risks and environmental risks such as oil spills and pollution,

Shipping Carrier Liability Insurance

Carrier liability insurance typically allows an owner of goods to file a claim to gain money from a carrier when their products become lost or damaged in transit. The carrier liability generally covers a specific dollar amount based on the freight’s weight or shipping unit, and not based on the material's actual value,

Tools & Equipment Insurance Coverage

Tools and equipment insurance is a type of inland marine insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find,

Towing General Liability Insurance

Tow truck drivers and towing businesses have similar insurance needs to other commercial auto policy holders but also face some unique exposures. Just like any other vehicle on the road, tow trucks need to be covered against bodily harm, property damage, and personal injury. But unlike other vehicles on the road, you’re moving multiple vehicles and often operating in hazardous road or weather conditions. That’s why towing operations need a wider range of coverage than what’s provided with standard commercial auto insurance.

Trucking: Downtime Insurance Coverage

Downtime insurance can offer financial coverage for when your truck will take a while to get back on the road. If a truck driver experiences an accident and needs to wait for repairs, you can submit a claim to possibly gain compensation for the lost time and money,

Trucking: Fleet Insurance Coverage

A commercial fleet insurance policy is for trucking companies that have a certain number of trucks. The exact number can vary, but examples can be a business having 5 or 10 trucks. This type of insurance can cover liability risks for all of a company’s vehicles together, even if they are used for different tasks,

Trucking: Gap Insurance

Gap insurance generally protects owners who lease out their trucks that end up being stolen or totaled beyond repair in an accident. It can cover the gap in the truck's current market value and how much is owed to pay it off,

Trucking: Limited Depreciation Insurance Coverage

Limited depreciation coverage can be for cases where a truck gets into a severe accident and becomes declared as a total loss. Limited depreciation coverage can typically pay the difference between the fair market value that your insurance will provide and the remaining amount you owe for your truck or its replacement.

Trucking: Motor Truck Cargo Insurance

Motor truck cargo insurance typically covers the freight or cargo that gets damaged or lost due to factors such as a collision or fire. If the cargo gets dumped on a highway, for instance, the cost lost on not delivering the load, and legal expenses can be covered.

Trucking: Passenger Accident Insurance

Passenger Accident: Passenger Accident Insurance can protect companies from liabilities when passengers are riding in company trucks that get into an auto accident. Coverage can be given to authorized passengers and while the driver is carrying out their work duties,

Trucking: Personal Property Insurance

Personal property insurance generally provides coverage for lost or stolen items when an accident occurs out on the road. Special items placed in a truck can have replacement coverage for things such as computers, tools, and electronics,

Trucking: Rental Reimbursement Insurance

Rental Reimbursement: Rental reimbursement can help cover the payment of another mode of transportation in case a truck accident occurs. There is often a maximum reimbursement period of thirty days to replace an insured truck from a covered loss,

Trucking: Roadside Breakdown Coverage

Roadside breakdown coverage can assist trucks that face roadside problems such as flat tires, lockouts, collisions, mechanical issues and breakdowns. Roadside assistance is often available 24/7.

Trucking: Supplemental Towing & Cleanup Insurance

Supplemental Towing & Cleanup: Supplemental towing and cleanup can offer towing of a truck and coverage of the cleanup surrounding the vicinity of where an accident took place. Cleanup may include removing debris and damages when necessary,

Trucking: Trailer Interchange Insurance

Trailer interchange insurance commonly covers any physical damage made onto trailers while being pulled and hauled by trucks. Physical damage examples can include experiencing a collision, fire, vandalism, or theft,

USL&H Insurance: Workers Comp on Water

United States Longshore and Harbor Workers Coverage is typically mandated by federal law to provide medical care, compensation, and rehabilitation services to employees who become disabled from job injuries while navigating U.S. waters,

Worker's Compensation Insurance for Employers

Workers' compensation provides monetary and medical benefits to workers who get injured or disabled during the course of employment. Typically, if an injured employee accepts worker’s compensation, they cannot sue the employer.