Your Business Insurance Options Explained
While your day-to-day operations are complex, understanding Business insurance doesn’t have to be. There are coverage options available to protect just about every aspect of your business from employee injury to natural disasters. Some insurance is required by law and others by business associates, such as lenders and landlords. Obtaining the right type and amount of insurance for your business will help you avoid gaps in coverage where you need it most.
Minimum coverage options
- Property Insurance can fund repairs or replacements for damaged physical assets when disasters like vandalism, fire, windstorms, or hail strike.
- Liability Insurance can protect against financial losses resulting from claims of injury or property damage caused by you or your employees and your products or services.
- Workers’ Compensation Insurance can satisfy your employees’ medical needs in the event of an accident or disease and make a quick return to work possible, while removing lawsuit potential by current or former employees.
- Business Auto Insurance can get you on the road again quickly after an accident and ensure your business is protected against losses from injuries to other drivers, passengers and pedestrians for which you and your employees are liable.
- Business Crime Insurance can protect against fraud, theft, forgery or robbery.
Tailor your Policy with these additional insurance options
- Employment Practices Liability can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
- Life Insurance for Business Owners can help you plan for business succession, survive the loss of a key employee or partner and retain/reward your top people.
- Umbrella can shield your business from potentially ruinous lawsuits with additional liability coverage.
- Bailee can protect against damage to customers’ goods, including jewelry and clothing.
- Transportation and Cargo to cover against goods that are damaged or lost when transported by one of your vehicles or common contract carriers.
- Spoilage for perishable goods when they spoil due to a mechanical breakdown or power outage.
- Delivery/Catering Non-Owned Auto if an employee is involved in an auto accident while driving a personal automobile on company business, such as in a delivery or catering service.
If you’re already covered
You’ve made a sound choice to protect your organization and employees with business insurance. However, your business has specific needs which may change over time. Reviewing your policy annually makes certain your coverage options continue to fully protect your assets. When in doubt, contact agent for help.
Browse coverage for your specific industry
Apartment – For Apartment Building Owners
Commercial Real Estate – Office Buildings, Retail Shopping Centers and Industrial Buildings
Education & Non-Profit – Museums, Schools, Civic Groups and more
Home and Building Service – Plumbers, Electricians, Landscapers, Painters and more
Homeowners Association – Coverage for the property location and more
Hospitality – Hotels, Motels and Bed & Breakfasts
Restaurant – Fine Dining, Quick Service and Casual Restaurants
Retail Store – Salons, Dry Cleaners, Boutiques, Convenience Stores and more
Whatever each new day brings, Business Property insurance is still your best defense against unexpected occurrences, such as fire, hail, windstorms, and other natural disasters. Key coverage examples include: Building coverage, Business Personal Property insurance, and Business income.
Your unique business faces a wide range of unpredictability, and Business Liability insurance can help businesses mitigate potentially devastating lawsuits. Business Liability insurance helps your business stand strong through challenging situations by covering the associated cost of legal defense and legal damages you are obligated to pay, up to the policy limits selected. Connect with a insurance agent who’s an expert in working with business owners, and select from a wide range of options that fit your individual business insurance needs.
You may think that robbery or embezzlement are the most common crimes that could come your way, but unfortunately there are many more. Business Crime insurance can help bridge those potential gaps, providing coverage for, employee dishonesty, money and securities – inside/outside, money orders and counterfeit paper currency, and forgery and alteration.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen. A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things. Upon the unexpected, it’s essential that your employees’ medical needs are quickly addressed so they can return to work as fast as possible.
When the rubber meets the road, it’s serious business. Vehicles put your employees in front of existing and prospective customers and get your products to where they need to go. But unlike the oversight and insight you have on your business operations, road conditions, weather and other drivers are out of your control. Any bodily injury – including injury sustained by other drivers, passengers and pedestrians – for which you are responsible, or damage caused to other vehicles or property, could put your business in financial jeopardy.
People may be the most important asset your business has. Life insurance for Business Owners offers many options to help you recruit, retain, reward and assist employee retirement as well as prepare for business succession should the unexpected occur. These options include: Executive Bonus Plan, Group Life insurance, Key Person insurance, Funded Buy-Sell Agreement, and Debt Liquidation.