General liability insurance (GL), often referred to as business liability insurance. Most small businesses need this coverage. It is the most standard policy a business can purchase because guards against things like bodily injury, property damage, completed operations and advertising injury that arise from your business.
Commercial auto insurance can pay for property damage and medical bills in an accident involving a business-owned vehicle. It also covers theft and certain types of damage.
Businesses that purchase commercial auto insurance:
- Have a vehicle titled to their business
- Drive to and from worksites
- Carry tools, equipment, or products used for work
- Transport clients or employees
Professional Liability insurance, also known as Errors and Omissions insurance (E&O), protects you and your small business against client charges of negligence or injury for the professional services you provide. Whether you are at fault or not, you are protected against losses, attorney fees and even court costs.
Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.
A Business Owner’s Package (often called a BOP) is the most common insurance policy for a small or medium business owner that has commercial buildings or personal property.
Workers compensation insurance protects your employees and your business from work-related accidents, illnesses, and even death.
Workers compensation insurance serves two purposes: It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working.
Workers receive benefits regardless of who was at fault in the accident. If a worker is killed while working, workers comp (as it is often abbreviated) provides death benefits for the worker’s dependents.
Commercial umbrella coverage gives you extra liability coverage to help pay costs that exceed your general liability or other liability policy limits. Without this business insurance coverage, you’d have to pay out of pocket for expenses that cost more than your coverage limits, such as legal fees, medical bills and damage expenses.