Also known as errors and omissions (E&O) insurance, this policy could protect you from the cost of damages and legal fees when someone claims your professional service caused financial harm to them or their business. Coverage includes both mistakes on the part of your business (errors) and the failure to perform a service (omissions). Professional liability insurance should be considered if your business provides professional advice, offers a professional service, or has contractual requirements for the coverage.
When you have a claim that exceeds the limits of your current policy, umbrella insurance provides extra coverage to protect your business and assets from financial risk. This is typically only available with existing liability policies where the limits of that policy have already been reached. You should consider an umbrella coverage if you're in a high - risk or high - liability industry, you worry about potential gaps in your coverage, or you want to sign a big client that requires more liability insurance.
Workers’ compensation insurance—commonly called “workers’ comp” or “workman’s comp”—is an often-mandatory type of insurance that protects both your employees and your company if an employee experiences an injury or disease while at work, including strains, trip and falls, or accidental death. It is mandatory in most U.S. states if you have employees. Penalties and fines may be assessed on employers who do not have workers' comp insurance.
Vehicles used in conducting business, as opposed to those strictly for personal use, are typically insured under a commercial auto insurance policy, which protects the assets of a company from claims. A commercial auto insurance policy has different coverages that are designed to address particular business needs.
All small businesses should have this basic protection through a general liability insurance policy. Includes medical payments, legal representation, and defense against libel and slander accusations. Often required to sign leases, accept bids or do work as a subcontractor. Protection in the event of physical injury or property damage to a third party.
Property & Liability
Many small business owners mistakenly believe that if they have general liability insurance their own losses are covered, as well as the losses of their customers. If you want to protect your own property, get a Business Owners Policy (BOP). A BOP is often required to buy property, accept bids or do work as a subcontractor. It adds protection for a building or other property owned by your business (furniture, computers, equipment, etc.) and includes General Liability coverage.
Homeowners insurance is a form of property insurance that covers losses and damages to an individual's house and assets in the home. The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property.
Cyber insurance is an insurance product designed to help businesses hedge against the potentially devastating effects of cybercrimes such as malware, ransomware, distributed denial-of-service (DDoS) attacks, or any other method used to compromise a network and sensitive data.
Cannabis is an emerging business sector that offers a unique set of challenges and risks when it comes to finding the right coverage for your business. Conflicting state and federal laws, regulations concerning the treatment of cannabis and hemp products, and the reluctance of major carriers to get involved with the cannabis industry can present obstacles in finding the right insurance policy.