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There are many types of business insurance available. Depending on the type of your business, the duration of a project or the coverage needed. Here's a list of policy types available for businesses.
Bonds
A bond is a guarantee that a specific duty will be discharged, a certain performance maintained or a specific obligation fulfilled. Fidelity bonds are essentially guarantees that certain acts on the part of employees will not be committed. Surety bonds, on the other hand, emphasize that certain things will happen.
Business (Income) Interruption
A type of property insurance related to a business's inability to function due to losses incurred. It provides money to you for your fixed expenses, payroll and, if necessary, the extra expense of temporarily relocating to another location. You can also buy insurance to cover any Extra Expense coverage, additional expenses incurred in getting your business back into operation.
Business Owners’ Policy
Bundles a multitude of coverages into one policy designed to meet the various insurance needs of small and medium-sized businesses. The great advantage of the Business Owner's Policy is that the insured generally gets much broader coverage at a significantly lower price than if they bought each type of insurance separately. The policy includes commonly required property and liability insurance in addition to several optional coverages. Unlike other stand-alone small business policies, it also eliminates coverage restrictions and limitations and offers several added enhancements.
Commercial Auto
Coverage for losses that arise out of autos owned by or used in the business.
Commercial Crime
Covers the cost of losses arising from employees' dishonest or fraudulent acts such as forgery, burglary, computer fraud, and extortion.
Commercial General Liability
Covers business liability risks such as premises and operations, products-completed operations and indirect/contingent liability.
Commercial Package Policy
Bundles a multitude of coverages into one policy designed to meet the various insurance needs of medium-sized and larger businesses whose needs are more complex than can be addressed by a Business Owners’ Policy. The policy includes commonly required property and liability insurance and many optional coverages.
Directors and Officers Coverage
Provides coverage for directors and officers of a firm in the event they are faced with a claim filed against them personally by stockholders, employees, competitors, creditors, or other third parties because of financial damage or loss. D&O insurance can also be extended to cover the company itself in the event the company is named as well as the D&Os.
Employment Practices Liability
Protects the corporation, directors, officers and employees from employment related claims, for example; wrongful termination, discrimination, sexual harassment, wrongful discipline and failure to employ or promote, etc.
Errors and Omissions Coverage
Sometimes referred to as, Professional Liability, protects you against allegations regarding your company's failure to provide an adequate level of professional service which in turn causes your client to suffer monetarily from that failure. These coverages pay the expenses incurred to defend you against such a claim as well as the possible costs of settlements or judgements. Since there is no standard form, the terms of the policy can dramatically differ from insurer to insurer.
Technology Business Package
Broad Property and General Liability coverage with specialized tech-specific terms including coverage for viruses and malicious code. Options to include Auto, Workers Compensation, and Technology Professional Errors & Omissions under one broad coverage package.
Workers Compensation Insurance
Provides coverage for any injuries employees suffer while in the course of their work. Almost every state requires by law that employers carry some form of workers compensation insurance, which pays the injured employee's medical bills, a portion of lost wages, vocational rehabilitation, and death benefits.