Business Insurance

Owning a business is a significant responsibility; part of that responsibility is ensuring that you have the proper insurance coverage to protect it. Business insurance might seem overwhelming, but a trusted insurance provider can help you understand the coverages your business needs most.

What Is Business Insurance?

Business insurance, also known as commercial insurance, is designed to protect a business’s financial assets and intellectual and physical property from potential risks, such as the following:

Lawsuits
Property damage
Theft
Vandalism
Loss of income
Employee injuries and illness

Without business insurance, you would have to pay for these costly incidents out of pocket.

What Does Business Insurance Cover?

A typical business insurance policy has the following four main types of coverage:

Property insurance may help compensate a business if its property is lost or damaged due to a covered incident.
General liability insurance may help pay for losses and/or medical bills if the business causes property damage or bodily harm to a third party.
Commercial auto insurance may help provide coverage for vehicles owned by a business.
Workers’ compensation insurance may help provide wage replacement and medical benefits to employees who become injured or ill due to a work-related incident.

Depending on your business, you may also want to consider the following policies:

Business owners policy (BOP) combines business property and business liability insurance into one policy. A BOP is typically best for small and medium-sized businesses in low-risk industries.
Employment practices liability insurance helps protect businesses against claims by workers that their legal rights as employees have been violated.
Cyber liability insurance can help protect a business from various technology-related risks.

How Much Is Business Insurance?

The cost of a business insurance policy depends on various factors, such as the business’s industry, size, location and number of employees. You should discuss your business insurance needs with a qualified insurance provider to get the most accurate quote possible.