What is Business Insurance?

It protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Liability Insurance
Liability insurance protects you from lawsuits that others bring against you or your company.  Defined as a “third-party” coverage, these coverage’s can protect you should a customer slip and fall at your place of business, be injured by your products or services, or due to statements you make regarding competitors. 

Business Auto Liability also protects you and your company should one of your vehicles, or employee’s own vehicle (while on the clock) cause injury or damage to someone else.

Property Insurance
Property insurance protects you from losses to your property, product or assets.  Often referred to as fire insurance, this coverage is for “first party” losses, meaning it insures you for your own accidents.

Management Liability
Management liability, often referred to as Directors & Officers and Employment Practices Liability, covers executives and officers of companies for their actions and decisions while managing their company.  Management Liability includes Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, Crime & Fidelity, and others.

Workers Compensation
Workers compensation covers your employees for injury and on-going disability arising out of work related injuries.  In most states and jurisdictions, this coverage is required by law, which in turn reduces the employee’s ability to sue over injury.  Workers compensation is the sole remedy for worker’s injuries.

Professional Liability (E & O)
Professional Liability can provide coverage from lawsuits wherein someone or something is injured due to the professional advice or service you provided to them.  Attorneys and physicians often refer to this as malpractice insurance.  Coverage is available in two formats, individual protection, or corporate protection.

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