Insurance coverage is varied and it can be hard to know what types of insurance solutions are available or necessary. Here is a list of several of the common types of commercial insurance solutions and a short explanation of what they cover. This list is by no means exhaustive so always consult an insurance solutions professional to make sure you have the correct types and amounts of insurance.
Your Stuff at Your Location
Property – Covering a building, its’ contents, and ancillary structures such as sheds and garages for losses due to fire, wind, hail, lighting, explosion, collapse, water damage, etc.
Flood Insurance – Covering your building and/or contents specifically for damage due to flooding. Typically Property insurance doesn’t cover flood damage completely or even at all.
Crime & Theft – Covering your property against loss or damage due to theft and burglary. The typical example is a store that is burglarized when someone illegally enters the premises and steals cash, equipment, or other items of value.
Your Stuff that Travels Around
Inland Marine or Property Floater – similar to Property Insurance but covering property that may move between locations and isn’t consistently in one place. The typical example of this would be a piece of welding equipment that is sometimes located at the business owner’s building, on a truck, or at a work location. While in transit, if the equipment falls off the work truck and is damaged then the Inland Marine policy would cover the damages.
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Your Operations
General Liability – Covering you for claims made by another party of bodily injury, property damage, and the necessary legal defense costs when that party alleges your operations and activities were performed negligently and were the direct cause of the loss. The typical example is a slip and fall on your property or property you are working on.
Automobile Liability – Covering you for claims made by another party of bodily injury, property damage, and the necessary legal defense costs when that party alleges your operation of a motor vehicle was the direct cause of the loss. The typical example is a motor vehicle accident that may have damaged another person’s vehicle and/or injured the driver and passengers.
Automobile Physical Damage – Covering you for damage to your vehicles or those borrowed by you and resulting from either a motor vehicle accident or other various causes such as hail, flooding, fire, etc.
Professional Liability – Covering you for claims made against you for Bodily Injury and/or Property Damage due to an error or omission in providing a professional service. Professionals are Architects, Engineers, Accountants, Physicians, etc. This type of coverage can also be referred to as Errors & Omissions coverage. Physicians can also call this Medical Malpractice Liability Insurance.
Pollution Liability – Covering you for cleanup costs for pollution conditions that occur on your property; cleanup costs, bodily injury, and property damage for pollution conditions that originate on your property and move onto the property of someone else; conditions that you create on someone else’s property. The typical example is an auto junkyard whose vehicles leak oil and other chemicals into the ground and either requires a pollution remediation at the location of the yard or the pollution gets into the ground water and physically harms someone else who drinks or is exposed to the water.
Cyber Liability – Covering you for financial losses, regulatory fines, and credit notification/monitoring costs following an malicious attack on your computer network or electronic equipment. The typical example is a hacker gains access to your network and locks it from your use unless you pay them. In this example, the policy would pay for the ransom, investigation of the network to identify and fix the point where the hacker got in, and other costs such as credit notification and monitoring if personal financial information was compromised.
Your Workers
Workers’ Compensation – Covering employees for medical expenses, lost wages, and claims administration expenses for any injuries sustained in the course of employment. The typical example is an employee who is lifting a heavy box and hurts their back; requiring surgery, physical therapy, time away from work, and possibly some amount of permanent disability or loss of physical function.
Employer’s Liability – Usually included in Workers’ Compensation Policies. Covers workplace sickness and repetitive injury claims.
Miscellaneous
Coverages Depending on Your Business – Trade Credit (Receivables) Insurance, Inventory Insurance, Products Recall, Sports/Athletic Accident, Aviation Liability (Drones), Crop Insurance, Livestock Insurance, Ocean Cargo Insurance, Hull Insurance, T&I Insurance.
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