Commercial Insurance

Common insurance products for business owners

Every business is different, but there are a series of insurance products available to business owners that will help you adequately protect your company from common risks. The following are some of the most popular types of business insurance coverages sought by business owners:

• Commercial property insurance
  Commercial property insurance provides coverage for your building, contents, stock and equipment against physical loss or damage. It is typically paired up with Business Interruption coverage which compensates you for your lost income while your business is closed due to an insured loss.
• Comprehensive, or commercial general liability (CGL)
  CGL insurance is designed to cover claims against your business for bodily injury or property damage to other people. Examples of coverage include if a customer is injured at your place of business, or say an employee damages property at a client's site. CGL is not a Professional Liability (errors and omissions) policy.
• Errors and omissions, also known as Professional Liability
  This type of insurance can be important coverage for anyone who deals with customers who could claim that something that you or your company did on their behalf was done incorrectly costing them money or causing them harm in some way.
• Accounts receivable coverage
  Accounts receivable protection provides coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record reconstruction and extra collection fees. It does not insure the physical value of the records themselves, such as the paper or computer disks and tapes.
• Crime coverage and fidelity bonds
  Crime coverage protects your business from losses resulting from crime, whether it's considered a burglary, robbery or theft. Fidelity bonds specifically cover theft perpetrated by your employees who might steal money, equipment or other assets from you (first-party fidelity) or a client (third-party fidelity.)