The best defense against crippling legal claims, in addition to risk assessment and other precautions, is the right combination of insurance coverage. Business insurance policies cover a wide range of potential liabilities, such as slip-and-fall accidents on company premises, claims by employees, and injuries from product defects. This section contains articles on how to save money on insurance policies, the different types of business insurance, what to do if your product causes injuries after a business closure, traffic accidents by employees, and related matters.
Different Types of Commercial Insurance
The most common kinds of commercial insurance are property, liability, and workers' compensation.
Property Insurance - Property insurance covers losses and damages relating to real or personal property. Common variations on property insurance include:
- Boiler and Machine Insurance
- Debris Removal Insurance
- Builder's Risk Insurance
- Glass Insurance
- Inland Marine Insurance
- Ordinance of Law Insurance
- Tenant's Insurance
- Crime Insurance
- Fidelity Bonds
Liability Insurance - Liability insurance covers injuries you cause to third parties.
- Errors and Omissions Insurance
- Malpractice Insurance
- Automobile Insurance
- Directors' and Officers' Liability Insurance
Worker's Compensation Insurance - Worker's compensation insurance covers the employer for employee on-the-job injuries. Businesses are typically required by state laws to provide some form of workers' compensation insurance but also prevent employees from suing their employers for negligence relating to on-the-job injuries.
Why You Need Business Insurance
Insurance covers business owners when an accident happens despite their other precautions. Even the most careful businesspeople can find themselves liable for the serious injury of a customer or another misfortune that causes a significant loss for the business. The following circumstances could result in a claim against your company even if all reasonable precautions are made.
Do's and Don'ts: Business Insurance
Determining the kind and amount of insurance your business requires can be complicated. It can be difficult to make generalizations since the type of product you deal in and many other factors may impact the kind of insurance that is most important for you. However, there are some general considerations that apply to nearly every business.