This coverage is also known as errors and omissions (E&O) insurance. Professional liability insurance can help protect you from claims of work mistakes or negligence. It can help pay for damages if you or an employee are involved in an auto accident while working or your work vehicle is damaged. It’s almost always required when you have employees.Ĭommercial auto insurance is for business owners who own or drive vehicles. You can also cover yourself if you opt for business owner’s coverage. If an employee gets hurt on the job, it can pay for medical expenses and help cover lost wages. Workers’ compensation insurance covers workplace injuries.
It can pay for replacement costs for your business equipment, goods, inventory and repairs to your building (if you own it) up to your policy limit.Ī business owner’s policy (commonly known as BOP insurance) combines general liability insurance and commercial property insurance into one package that includes all the coverage available in those two types of insurance.Ī BOP is a comprehensive way to protect your business from unexpected expenses related to property damage, medical payments and lawsuits. For example:Ĭommercial property can help protect almost all of the physical items you need to do business. You might need to expand your insurance package to protect yourself from financial losses. General liability insurance is typically the first kind of insurance bought by business owners as it also helps your business cover the costs if you or an employee accidentally damage someone’s property.īut general liability is just one type of business insurance coverage. In that case, you’ll be glad you have general liability insurance to help pay for medical costs so you don’t have to pay out of pocket. Business insurance typically involves a package of different types of coverage - what the insurance industry calls policies.įor example, someone could slip where you are working and claim the injury is your fault.
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