Running a business can be incredibly challenging. There are a number of decisions to be made, like what should go in the candy dishes and if Flag Day should be a paid holiday. Sure, those choices may not greatly impact your company’s success, but one that might is choosing the right commercial insurance.
Commercial insurance is a vast category. There are general coverages, as listed below, but there are many additional coverages that are specific to a certain industry or type of business. The general coverages listed below are available to for-profit and non-profit businesses alike.
Commercial Property coverage: coverage for buildings, equipment, furniture and fixtures, inventory, and any other tangible property
Commercial General Liability coverage: coverage for injuries to other people and their property. There are specialty categories of commercial liability coverage such as liquor liability for bars and restaurants, garage liability coverage for repair shops and gas stations, etc.
Professional liability coverage: coverage for your mistakes that cause injury to others. The coverage is available for attorneys, healthcare professionals, accountants, contractors, architects, engineers, etc.
Directors and Officers Liability coverage: coverage for an organization’s directors and officers
Cyber-crime coverage: coverage for the costs of data-breaches and malicious cyber-attacks on computers and networks
Employer Practices Liability coverage: coverage for costs associated with illegal employment practices such as discrimination
Workers’ Compensation coverage: coverage for on the job injuries to a business’s employees.