Business Insurance Terms

Business

Business Owners Package Insurance

A Business Owner’s Policy (BOP) combines business property and business liability insurance into one business insurance policy. BOP Insurance helps cover your business from claims resulting from things like fire, theft, or other covered disasters. Business owner's insurance also helps cover claims that could arise from your business’s operation. These plans are typically packaged to provide several other coverages to provide common coverages for most businesses.

 

Commercial Property Insurance

There are many factors to consider when opening your own business, including the importance of having Property insurance. It covers the repair and replacement of certain business assets should a covered incident as fire, theft, or vandalism occur. It's an especially important coverage since many small businesses and startups lack the cash to replace what's needed to keep a business running.

 

Commercial Umbrella Insurance

Commercial umbrella insurance gives you extra coverage to help pay for costs that exceed certain liability policy limits. Without this type of commercial insurance coverage, you'd have to pay out of pocket for liability claims that exceed your basic coverage limits provided by your standard business policy or general liability policy. 

 

General Liability Insurance

General liability insurance, also known as commercial general liability insurance or business liability insurance, helps cover: Costs for property damage claims against your business, Medical expenses if someone gets injured at your company, Advertising injury claims against your business, Administrative costs to handle covered claims, Court costs, judgments and settlements for covered claims. Your general liability insurance can help cover claims up to the coverage limits in your policy.

 

Workers Compensation Insurance

Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.

 

Personal Liability (E&O) Insurance

Errors and omissions insurance, also known as E&O insurance and Professional Liability insurance, helps protect you from lawsuits claiming you made a mistake in your professional services. This insurance can help cover your court costs or settlements, which can be very costly for your business to pay on its own.

 

Surety Bonds

At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. It also helps principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised.

 

Commercial Auto Insurance

Commercial vehicle insurance is a policy of physical damage and liability coverages for amounts, situations, and usage not covered by a personal auto insurance policy. This type of business insurance covers many types of commercial vehicles—from automobiles used for business purposes, including company cars, to a wide variety of commercial trucks and vehicles.