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Growing a business is hard enough, finding good business insurance doesn’t have to be.

Small business insurance, also called commercial insurance, is a policy that protects the property, assets, and income of a small enterprise. It’s mostly offered as a business owner’s policy (BOP). Depending on the policy you choose, a BOP can protect your business against things like financial losses and legal expenses involved in defending a court case.

A business can also be covered against perils like fire, theft, lightning, falling objects, and winds. Business owners should evaluate their businesses to know which perils should be covered by the insurer.

The BOP includes a coverage limit. This means there is a maximum amount of money the insurer can pay for a covered claim. Other coverages may include a deductible, which is the amount a business owner pays towards a covered claim.

A BOP mostly includes three types of packages to cover businesses: general liability coverage, business property coverage, and business interruption coverage.

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1.     General Liability Coverage

General liability coverage, often referred to as general commercial liability, is coverage that protects a business from various claims such as property damage, bodily injury and personal injury that may occur in the line of work. It also covers medical payments, products-completed operations, and damages to properties rented to the business. However, the policy is subject to a coverage limit. If the medical bill of a person who was injured within the business exceeds the threshold, the business owner will have to cover the rest.

2.     Business Property Coverage

Property coverage protects businesses against perils that may affect the building and its contents. For instance, if there is a fire at your building, a BOP may pay for repairs and replace property such as machinery and furniture. However, as with general liability coverage, the coverage is subject to a limit and a deductible.

Some of the perils that may be covered by commercial property insurance include fire, storms, burst pipes, explosions, theft, and vandalism. Often, floods and earthquakes aren’t covered but may be added to the policy depending on the insurer.

3.     Business Auto Insurance

A business automobile policy (BAP) provides coverage for a company’s use of cars, trucks, vans, and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.

4.     Workers Compensation

Workers’ compensation or workers’ comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence

5.     Umbrella Insurance

Commercial umbrella insurance provides an extra layer of liability protection by covering costs that go beyond your other liability coverage limits. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached.

6.     Group Health Insurance

Group Insurance health plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.

7.     Business Interruption Coverage

Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.

8.     Employment Practices Liability

Employment practices liability is an area of United States labor law that deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress, and wage and hour law violations. It may be categorized as a form of professional liability

9.     Cyber Liability

Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and related activities

10.     Professional Liability

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which 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

10.     Inland Marine

Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance.

11.     Builders Risk

Builder’s risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction.

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