Many of our clients ask us on a regular basis what types of business insurance are available and which ones suit their needs. The first questions is pretty straightforward if only a bit long. That being said, we’re going to break it down into two separate posts so you can get the clearest answer possible. Now, to get started…

General Liability

When most people think about business insurance, this is the type that comes to mind. It’s a broad coverage insurance that covers claims involving accidents, negligence, and injuries. In the event an employee or client gets hurt on your property it can cover court fees, medical expenses, and any damages incurred. It can also cover you in the event of slander, copyright issues, false advertising and other such issues.

An effective level of coverage for this type of insurance can depend heavily on what kind of business you own. A web design company may need coverage for potential copyright violations and such while a construction firm will need coverage for a wide variety of potential issues. The level of coverage can affect your premium which can range from $750 to $3000 or so per year. The plan itself will also lay out the maximums that it will pay against claims. We will work with you to make sure that the maximums are in line with your needs.

Professional Liability

This type of insurance specializes in covering those who provide services that may involve the chance of malpractice or negligence such as real estate or insurance agents, lawyers, hair dressers, accountants and such. General liability insurance typically does not cover you in the event of these claims thus necessitating a more comprehensive coverage.

Product Liability

This type of insurance doesn’t apply to a large number of clients typically speaking, but if you sell, distribute, or manufacture products it is coverage you will require. As the name implies, the insurance covers your products in the event that you face losses due to defects. Those who have no dealings with manufacturing or selling products have no need for this coverage.

Commercial Property Insurance

Businesses that own property of any sort including tools and equipment of value, buildings, offices, and such you will need property coverage to help protect you from loss or damage. Such loss can come from issues such as vandalism, smoke damage, fire, and more. When it comes to an issue such as a fire, you should also include coverage for business interruption which will help cover losses that come from the inability to operate while repairs are being made.

Data Breach Coverage

Do you handle sensitive information provided by clients or employees? Is this information handled physically or electronically? No matter the method it is handled, you could be at risk of a breach. That being said, having data beach coverage will help cover you in the event an NDA is violated due to such an issue.

In our next article we’ll finish up talking about the different types of insurance coverage a business might require. Stay tuned!