Business Insurance

Common Coverage Types

There are several types of business insurance, each limiting coverage stipulations and restrictions. The most common types are:

• Building Insurance:  Covers the cost of repairing damage to the structure of your property.  Garages, sheds and fences can also be covered as well as the cost of replacing items such as pipes, cables and drains.
• General Liability Insurance: This coverage protects the business against liability claims, negligence, manufacturing or personnel error, bodily injury, or even property damage. Liability insurance often covers the policy holders’ legal fees if the liability or event is covered under the policy.
• Product Liability: Coverage protects against faulty products and damage, injury, or death from use of the faulty product.
• Business Income Coverage: Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms: the business income and extra expense coverage form (CP 00 30) and the business income coverage form without extra expense (CP 00 32). Business income coverage (BIC) is also referred to as business interruption coverage.
• Cyber Liability:  Covers a business’ liability for a data breach in which the firm’s customers personal information such as Social Security or credit card numbers are exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic equipment.