Business Insurance
Insurance Knowledge Base
Protecting the Business You’ve Worked to Build
Every business faces different risks. Understanding how commercial insurance works can help you protect your property, employees, operations, and financial future while identifying potential gaps before they become costly problems.
Building a Strong Foundation for Your Business
A Businessowners Policy (BOP) can bundle common coverages for eligible smaller businesses, while a Commercial Package Policy offers greater customization. Depending on the policy, protection may include business property, general liability, business income, equipment, signs, crime, and other exposures. Common pressure points include changing building and equipment replacement costs, catastrophe exposure, occupancy changes, outdated valuations, protection systems, claim history, and unreported acquisitions or new operations.
Protecting Against Everyday Business Risks
Liability Protection
General liability can help address covered claims involving bodily injury, property damage, and certain personal or advertising injuries arising from business operations.
Commercial Auto
Commercial auto coverage addresses vehicles used for business purposes. Driver history, vehicle maintenance, claim severity, litigation, and safety practices can significantly influence risk and pricing.
Workers' Compensation
Workers’ compensation can provide statutory benefits for covered work-related injuries and illnesses, along with employers liability subject to policy terms and state law.
Today’s Businesses Face New Kinds of Risk
Cyber Insurance
Depending on the policy, cyber coverage can address incident response, forensics, data restoration, business interruption, cyber extortion, liability, and certain fraud events.
Professional & Management Liability
Specialized coverage can address exposures involving professional errors or omissions, management decisions, employment practices, and certain employee theft or fraud.
Business Income & Continuity
Property coverage alone may not replace revenue lost during a shutdown. Business-income coverage can help address lost income following certain covered losses, subject to policy requirements and limitations.
Strong Businesses Manage Risk Before a Loss
- Keep building, equipment, inventory, payroll, and sales information current
- Maintain fire protection, electrical systems, alarms, and other safety equipment
- Use written contracts and verify subcontractor insurance
- Establish driver qualification and vehicle-maintenance procedures
- Create and document workplace safety programs
- Maintain strong cybersecurity practices and tested backups
- Develop and regularly test a business continuity plan
- Report incidents and claims promptly
- Review coverage when operations, employees, locations, equipment, or services change
IMPORTANT: This material is general educational information and is not intended as legal, tax, safety, or coverage advice. Insurance policies contain conditions, limitations, and exclusions, and coverage is determined by the actual policy and the facts of a loss. Statistics are national unless otherwise stated and do not predict an individual premium. Consult a licensed insurance professional and other qualified advisors for guidance specific to your circumstances.