Every business’s insurance needs vary and may be influenced by company size, location, number of employees and industry. A few standard policies businesses may carry include the following:
- General liability insurance—A policy can provide coverage for claims of bodily injury or other physical injuries, personal injury (libel or slander), advertising injury and property damage. It can be offered as a package policy with other coverages such as property, crime, automobile and more.
- Business property insurance BOP—Also called commercial property insurance, this coverage helps pay for damages to your company’s equipment and property after a covered accident or incident.
- Business interruption insurance BOP—If your business must shut down or cease operations due to a covered incident, this coverage can help replace lost income and pay for extra expenses incurred during the shutdown.
- Professional liability insurance—This type of policy provides coverage if anyone makes a claim of negligence, misrepresentation or inaccurate advice against your business. Also called Errors & Omissions.
- Workers’ compensation insurance—This coverage can help employees who become injured or ill due to a work-related incident receive replacement income, medical benefits and other financial assistance if they cannot work. Most states require that employers carry workers’ compensation insurance.
Depending on your business and industry, you may need to purchase other insurance policies for proper coverage.