Automobile/Fleet: Similar to individual automobile insurance, it covers business owned or leased vehicles (car, truck, van, or trailer). If a personal vehicle is used for business, special insurance coverage called “non-owned automobile coverage” may be needed. Contact your insurance agent for details.
Builders Risk Insurance: Available to contractors; protects against natural disasters (water, wind, hail, fire, etc.) that damage or destroy a building while under construction.
Business Liability/Property Insurance: Protects a business’s buildings, property and inventory against physical loss or damage due to theft, fire, water, accident and more. “Floater” coverage insures property not located at the business, such as equipment or supplies stored at a job site.
Business Interruption: Protects against loss when business activities are interrupted by a natural disaster. It supplements Business Liability coverage and can be added to a business liability or property insurance policy.
Business Identity Theft Insurance: Businesses that collect, store, or handle customers’, patients’ and/or employees’ confidential, personal, or financial data, may need this insurance. It covers the costs of notifying victims of theft, fees associated with recovery of the data, legal fees, and more.
Business Theft Insurance: Covers theft by employees, competitors, and others, including intellectual property theft. This may be needed in addition to liability insurance, which covers the theft of physical property.
Completed Operations: Contractors and manufacturers may need this insurance to protect against mistakes occurring after the completion of a project or sale of a product that could cause damage or injury.
Contents Insurance: Similar to personal renter’s insurance, covers damage, loss, or theft of the contents of a leased or rented building. The building owner should carry property insurance on the building (be sure to ask). The insurance may also cover leased equipment and items temporarily located at a job site.
Director’s and Officers Liability Insurance: Protects officers and directors of a corporation or non-profit organization from personal liability for their actions on behalf of the business.
Employment Practices Liability Insurance (EPLI): Protects against wrongful termination, discrimination, harassment and other employment-related lawsuits filed by employees, former employees and potential employees.
Export Credit Insurance: Protects small businesses who export against non-payment and political risks that may affect payment. Issued by Export-Import Bank of the United States.
General Liability: Protects the business if someone is injured while on the premises or employees damage the property of a customer while at a job location.
Home-Based Business: Home-based businesses may need additional coverage beyond that offered by a homeowner’s policy. Not all home-based business activities are covered by homeowners’ insurance, particularly if the actual activity, such as house painting, does not occur at the home. Check with your insurance agent for details.
Product Liability: Protects against lawsuits for injury or property loss due to a defect, design flaw or malfunction of a product, food, medication or another item.
Professional Liability: Also known as Errors and Omissions insurance, it protects professionals who have greater than average knowledge in a particular area, such as CPAs, doctors, lawyers, engineers, architects and counselors, against law suits related to their professional expertise. Medical malpractice insurance is a type of professional liability insurance.
Umbrella (Supplemental Liability): Provides additional liability coverage beyond that offered by a primary liability policy. This may be needed by businesses engaged in high-risk activities.