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No matter the occasion or item, there is a type of insurance policy for it. Businesses are no exception and there are numerous types of insurance policies for businesses, such as:
Liability insurance.This covers a business from lawsuits arising from either real or perceived negligence of the business or its employees. Actions of subcontractors are not usually covered because they are generally expected to carry their own liability insurance.
Property insurance.Property insurance primarily covers the structures and contents of a business at a specific location and can be written specifically for certain acts of God such as a flood or an earthquake. However, a specific policy will cover only damage suffered as a result of the specific action. In other words, flood insurance will not cover damage resulting from an earthquake.
Casualty insurance.Casualty insurance is in some ways a combination of liability insurance and property insurance. When a person suffers an injury or damage as a result of being on business property, casualty insurance will provide protection against a lawsuit. For instance, if a person trips over a curb in a parking lot, the casualty insurance the business carries will cover losses the business may suffer as a result of a lawsuit, subject to policy limits.
Commercial auto.Commercial auto insurance provides protection for business vehicles and any damage they may cause; a business owner"s personal auto insurance policy will not cover business vehicles.
Business interruption.This type of insurance provides income should the business be unable to operate due to circumstances beyond their control. For example, if a piece of equipment broke down that was vital to the business operation, business interruption insurance would provide income until the equipment was again functional.
Employee dishonesty.Should a business suffer a loss due to embezzlement or theft by one of its employees, this type of insurance would provide reimbursement to the business.
Worker"s compensation.All but a few states mandate some type of worker"s compensation insurance. Worker"s compensation insures that employees are promptly and professionally treated for injuries incurred on the job, as well as provides protection for the employer, since the injured worker cannot sue the employer for damages.
Key employee/partner insurance.Many businesses carry this type of insurance so that if one of the partners or key employees die, the insurance policy proceeds will be paid to the family of the deceased in exchange for relinquishment of their interest in the business.
Additionally, there are other types of insurance for very specific needs, but these are some of the more common types.
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