Types of Business Insurance

• Workers’ Compensation


  Almost every business must insure against injury to workers on the job. Some may do this through self-insurance—that is, by setting aside certain reserves for this contingency. Other businesses purchase workers’ compensation policies, available through commercial insurers.
• Automobile Insurance


  Any business that uses motor vehicles should maintain at least a minimum automobile insurance policy on the vehicles, covering personal injury, property damage, and general liability.
• Property Insurance


  No business should take a chance of leaving unprotected its buildings, permanent fixtures, machinery, inventory, and the like. Various property policies cover damage or loss to a company’s own property or to property of others stored on the premises.
• Malpractice Insurance


  Professionals such as doctors, lawyers, and accountants will often purchase malpractice insurance to protect against claims made by disgruntled patients or clients.
• Business Interruption Insurance


  Depending on the size of the business and its vulnerability to losses resulting from damage to essential operating equipment or other property, a company may wish to purchase insurance that will cover loss of earnings if the business operations are interrupted in some way—by a strike, loss of power, loss of raw material supply, and so on.
• Liability Insurance


  Policies that cover risks that could result in substantial liabilities for businesses
• Types of liability insurance policies

  • Policies for owners, landlords, and tenants (covering liability incurred on the premises)
  • Policies for manufacturers and contractors (for liability incurred on all premises)
  • Policies for a company's products and completed operations (for liability that results from warranties on products or injuries caused by products)
  • Policies for owners and contractors (protective liability for damages caused by independent contractors engaged by the insured)
  • Policies for contractual liability (for failure to abide by performances required by specific contracts)