General Liability – A category of insurance which includes most of a business’s liability exposures. Exposures covered include premises and operations, products and completed operations, contractual liability, and contingent liability.
Professional Liability – Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional liability insurance is purchased by individuals who hold themselves out to the general public as having greater than average expertise in particular areas.
Commercial Vehicle – Commercial auto insurance is a vehicle insurance policy that provides financial protection for a business’ vehicles and its drivers. Employees involved in on-the-job collisions will receive coverage for medical injuries as well, regardless of fault.
Business Owner’s Policy (BOP) – This is an insurance policy that is designed specifically for small businesses that are just beginning and may need a few types of insurance bundled together. This package is meant for “low risk” businesses that do not run the risk of serious accident or disasters.
– General liability insurance can be very important, especially for certain types of businesses. Essentially, this insurance protects business owners from lawsuits that may be filed against the business.
– The second type of insurance most commonly included in a BOP is property insurance. This protects large assets of the business in case they become damaged or stolen.
There are two other coverages that can be bundled into a BOP.
– Professional liability insurance covers businesses from lawsuits that seek damages for mistakes or negligence that has cost another business money.
– Workers compensation helps protect the business by providing medical and disability coverage for employees
Builders Risk – This policy is a form of property insurance that covers property owners and builders for projects under construction. It is an “all risk coverage,” meaning that it protects you from events such as vandalism, accidental losses and damages to the property. Because of the enormous risk of some jobs, many lenders require that this coverage be purchased before they will approve a loan for the project.
Errors & Omissions – Errors and omissions insurance protects businesses and individuals from claims and lawsuits arising from failure to perform contracted work. It also covers mistakes made in the course of doing business. Business errors and omissions coverage typically covers all employees of a company, including salaried employees and independent contractors.