What exactly does business insurance protect you from? Before you consult with a Maine business insurance broker, you may want more information. There’s no one type of “business insurance” — rather, there are a multitude of business insurance policies that all cover different things. Here are some key terms you should be aware of.
Business Insurance Policies — And What They Cover
- Business Owner’s Policy. A Business Owner’s Policy is a collection of policies that business owners frequently need. It usually includes property insurance, liability insurance, and income insurance.
- Property Insurance. Your commercial property and physical assets are protected with commercial property insurance.
- Liability Insurance. General liability insurance protects you from damage your business may have caused, either financially or physically.
- Workers Compensation Insurance. If employees are injured on the job or acquire a work-related illness, workers compensation insurance will cover them for their inability to work and their medical expenses.
- Commercial Auto Policies. A commercial auto policy is just like a personal policy, but for work-related vehicles and driving that is related to the job.
- Cyber Liability Insurance. If a data breach occurs, cyber liability insurance will protect against the expenses associated with resolving the breach and the cost of the related downtime.
- Business Income Insurance. If your company has to shut down due to an emergency, business income insurance can help by paying a portion of the income that your business is unable to collect.
- Errors & Omissions Insurance. E&O insurance protects you from mistakes you may make during your business, such as advising clients on an incorrect action to take.
- Employment Practices Insurance. For a company that hires many employees, employment practices insurance protects against lawsuits from these employees.
- Umbrella Insurance. If you’re concerned that your insurance package has gaps, an umbrella insurance policy can be used to cover anything that isn’t explicitly covered.
Getting the Right Business Insurance Package
As you can see, a business insurance package usually includes multiple policies based on your business. In order to determine what type of insurance you need, you need to consider the assets your business needs to protect, in addition to your company’s core risks.
This can take the eye of a professional. Contact the experts at Allen Insurance and Financial for a review of your company’s situation. A comprehensive risk assessment will have you on your way to complete coverage.