Businesses have unique needs of insurance compared to the individual insurance. It can become very difficult to identify the different types of risks that a business may be exposed to and once these needs are identified then to actually purchase the policies that cover the risks that have been identified. In some cases it may not be possible to purchase an insurance policy to cover a risk.This may lead the business self insuring the risk. In some cases the businesses may have to shut down those activities or make changes that would enable them to become insurable. Typically the Standard Industrial Classification (SIC Code) under which the business can be classified plays a major role in the premiums rates that are offered to businesses. The typical business insurance policies that are generally available in the market are:
General Liability Insurance:
Bodily injury or property damage caused to others by direct or indirect actions of the insured’s is typically covered under general liability insurance.
Automobile insurance:
Bodily injury or property damage caused to others while operating owned and non-owned or hired vehicles in the use of business are typically covered under the business automobile insurance. Damage to owned or hired vehicles may also need to be covered under these policies.
Umbrella:
Business Umbrella policies typically extend the liability coverage available under the business’s other existing eligible policies.
Workers Compensation:
This type of policy pays for medical expenses and income replacement to employees injured in the course of employment.
Crime/Fidelity Bond:
This type of bond covers the financial loss that the business may incur due to the dishonest or criminal activities of their employees.
Professional Liability/Errors & Omissions:
This type of policy helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
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