What Does Business Insurance Cover?

Business Insurance Coverage Options 

• Commercial property insurance can protect your business assets, including buildings, equipment, inventory and furniture. It may cover damages or losses caused by events such as fire, theft, vandalism or select natural disasters. This coverage helps ensure your business can recover quickly from property-related setbacks.
  • Builder’s risk insurance is a form of property insurance that may help provide coverage for construction projects in progress. It may help protect materials or equipment left on a job site, scaffolding, temporary structures and other property-related aspects of the project.
• Liability insurance is a broad category encompassing various types of coverage, each serving to protect your business in different ways. The following are some types of liability coverage:
  • General liability insurance can offer coverage for claims made by third parties due to bodily injury or property damage resulting from your business operations. Additionally, it can include the coverage of legal fees in the event of lawsuits.
  • Product liability insurance can safeguard your business against claims associated with product defects or injuries resulting from the sale or manufacture of your products.
  • Professional liability insurance can cover claims of negligence or mistakes in your professional services. It’s crucial for businesses that provide professional advice or services.
• Business interruption insurance can cover lost income and ongoing expenses during the period when your business cannot operate due to a covered event.
• Business owner’s policy (BOP) insurance combines several types of business insurance—typically property, liability and business interruption—into a single policy, which can be augmented as needed. BOPs can be an affordable option for many small to medium-sized enterprises.
• Workers’ compensation insurance offers financial assistance to employees who experience work-related injuries or illnesses. This coverage can include payment for medical expenses and a portion of their lost wages.
• Commercial auto insurance can cover accidents, injuries, and property damage involving company vehicles. This can include cars, trucks or even specialized vehicles like delivery vans.
• Cybersecurity insurance can aid in offsetting expenses related to data breaches, including legal fees, customer notifications and data recovery. 

Business insurance is a multifaceted tool that can help financially shield your enterprise from various risks and uncertainties. The specific coverage you need depends on your industry, business size and individual circumstances. Collaborating with a seasoned insurance agent or broker is essential. They can evaluate your requirements and customize a policy to offer all-encompassing protection. Contact Simple Lane Insurance Agency today to discuss your business insurance needs. We can make coverage recommendations based on your specific operations. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.