| Business insurance plans for every contingency: |
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General liability insurance: protects your business from property damage,
injury claims, and advertising claims. Also known as Commercial General Liability
(CGL), it's the most basic type of insurance for small businesses.
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Professional liability insurance: Providers of professional services may
consider having professional liability insurance, known as errors and omissions.
This coverage protects your business against claims of errors, malpractice,
negligence, and omissions. For some professions it is a legal requirement to carry
such a policy. |
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Product liability insurance: If you sell a product, you should consider product
liability insurance. This provides protection in the event a customer brings a claim
against your company based on a problem with your product. |
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Home-based business insurance: Homeowners' insurance policies do not
generally cover home-based business losses. Specialized home-based business
insurance may include business property, crime and theft, loss of business data,
professional liability, personal and advertising injury, and disability. |
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Worker's compensation: Required in most states, worker's compensation
insurance pays for employees' missed wages and medical expenses if injured while
working. |
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Internet business insurance: Web-based businesses should consider
specialized insurance that covers liability for damage done by hackers and viruses.
In addition, e-insurance often covers specialized online activities, including lawsuits
resulting from meta tag abuse, banner advertising, or electronic copyright
infringement. |
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Criminal insurance: Employee bonds and criminal insurance provide
protection against losses due to criminal misconduct. |
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Business interruption insurance: Losses are covered during natural
disasters, fires, and other disasters that may cause the business to cease
operations for a significant amount of time. |
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Key person insurance: The company is compensated if a key person dies,
becomes ill, or leaves. |
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Malpractice insurance: Many licensed professionals need protection against
bodily injury or property damage claims, the cost of defending lawsuits,
investigations and settlements, medical expenses, and bonds or judgments
required during an appeal procedure. |
