Commercial Insurance

While it is one of the lesser-known types of coverage to most people, Commercial Insurance is one of the most important to carry. This type of coverage is absolutely crucial for small businesses, since it protects the business owner from the losses that are most commonly experienced—employee injury, liability, theft and property damage. With those types of losses, a small business may never recover.

The most important type of Commercial Insurance is Business Liability Insurance, which is also known as Commercial Business Liability. It protects you and your business in the event you are sued by a third party, by helping to cover legal fees, settlements and awards. Within Liability Insurance, there are several different types:

Business Identity Theft – This coverage protects your business against situations concerning identity theft and other types of fraud.

Employment Practices Liability (EPLI) – This can cover damages resulting from the perceived violation of an employee’s legal or civil rights. 

Directors and Officers Liability (D&O) – If a lawsuit occurs claiming that directors or officers of your company fail to operate with proper regard to employees or shareholders, this coverage will protect them.

Errors and Omissions (E&O) / Professional Liability – If your business is one that gives recommendations or advice to clients, offers design products or provides any type of physical care to patients, this coverage is an important one to have.