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The most common categories of commercial insurance include: property, liability and workers' compensation. Property insurance covers damages to business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to employees. Varying circumstances may require additional specialized coverage items.
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Commercial General Liability
Liability insurance covers injuries to third parties. A general liability policy will cover you for common risks, including customer injuries on your premises.
Commercial Auto
Commercial automobile policies cover the cars, vans, trucks and trailers used in a business. The coverage provides reimbursement in the event of bodily injury or property damage.
Workers Compensation
Workers' compensation insurance covers a firm for an employee's on-the-job injuries. Businesses with employees are required by various state laws to carry some type of workers' compensation insurance. In most cases, workers' compensation laws prohibit the employee from bringing a negligence lawsuit against an employer for work-related injuries.
Umbrella/Excess
Umbrella, or excess insurance, is a type of liability insurance available to companies, providing protection for claims that exceed the primary policy limit. While it applies to losses over the dollar amount in the underlying policies, coverage terms are sometimes broa
der than those of the policies beneath them.
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Commercial Property
Property insurance pays for losses and damages to real or personal property (i.e. fire damage to office space). Additional coverage lines obtainable through property insurance include:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as "equipment breakdown" or "mechanical breakdown coverage," provides coverage for accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people's property on your premises.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
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