Small Business Insurance: Product Options
Small Business Insurance: Product Options
Whether your small business client is a carpenter, consultant, or credit counselor, they will rest easier knowing their assets are covered by the appropriate insurance policies. Insurance Noodle provides direct access to the policies most small-business owners need, such as.
General Liability Insurance
The cornerstone of most risk management plans, General Liability Insurance steps in when a third party sues your client over bodily injuries, property damage, or advertising injuries. A "third party" can be anyone who isn't employed by your client. GL Insurance can cover legal costs if your client is sued for medical damages or replacement property expenses.
Commercial Property Insurance
Because most small businesses rely on some sort of office space, equipment, or inventory, Property Insurance is another key piece in their risk management arsenal. It pays to repair or replace insured property when it has been damaged or lost in a covered event, such as a fire, windstorm, or theft.
Business Owner's Policy (BOP)
A Business Owner's Policy (BOP) is offered only to small businesses with a low risk profile. By combining two popular coverages - General Liability and Property Insurance - a BOP keeps your client's rates low while still providing them with basic liability and property coverage. Some BOPs also include Business Interruption Insurance, which covers lost revenue when a property claim forces your client's business to temporarily halt.
Commercial Auto / Hired & Non-Owned Auto Insurance
Commercial Auto and Hired & Non-Owned Auto Insurance protect the vehicles your client uses to conduct business. Commercial Auto covers the vehicles your client owns, both when they are damaged and when they cause damage. Hired and Non-Owned Auto Insurance covers liability for damages caused by the vehicles your client rents, leases, hires, or borrows for business purposes.
Cyber Liability Insurance
Any company that relies on the Internet for their business should carry Cyber Liability Insurance. It covers the costs associated with data breaches, such as notifying clients affected by the attack, hiring forensic services, and rehabilitating your client's public image after the breach. Certain Cyber Liability policies can cover your client's legal expenses if they are liable for a third party's data breach.
Errors & Omissions (E&O) Insurance
Errors and Omissions Insurance protects your client against claims of professional negligence. If a disgruntled customer alleges they suffered a significant monetary loss because of your client's incorrect or incomplete work, E&O Insurance pays for your client's legal expenses.
Professional Liability Insurance
Professional Liability Insurance kicks in when a third party sues your client, claiming they experienced a financial loss because of your client's error, malpractice, or misrepresentation. Basically, if a customer or business partner sues for negligence, Professional Liability covers attorney fees and settlements or judgments.
Employment Practices Liability Insurance
Employment Practices Liability Insurance protects your client when they are accused of unfair hiring practices. If an employee - prospective, former, or current - makes an allegation of wrongful termination, sexual harassment, or discrimination, EPLI covers your client's litigation expenses (e.g., lawyer fees and settlements).
Workers' Compensation Insurance
If your client has employees, their state laws may require them to carry Workers' Compensation Insurance . This coverage is twofold. The first part pays for medical expenses and lost wages when an employee suffers an occupational illness or injury. The second part, called Employers' Liability Insurance, provides coverage when the employee alleges your client's negligence led to the work illness or injury.
Umbrella & Excess Liability Insurance
These two policies are very similar in that they strengthen the protection of General Liability, Employers' Liability, and Commercial Auto / Hired and Non-Owned Auto coverage. Umbrella Liability Insurance can be applied to all three policies when their limits have been exceeded and your client needs more coverage. Excess Liability Insurance can only be applied to one of these three policies.
Liquor Liability Insurance
Most states have dram shop laws that hold a business liable when owners or employees serve alcohol to a visibly intoxicated patron who harms others. That means if a customer kills someone in a drunk driving accident after drinking alcohol provided by your client, the deceased's family members could sue your client. This makes Liquor Liability Insurance essential for any business that manufactures, serves, or sells alcohol.
Special Event Insurance
Special Event Insurance addresses your client's liability when they host a short-term event, such as a sports tournament or a client outing. If an attendee or spectator ends up getting hurt or suffering property damage, Special Event Insurance kicks in, paying for their medical expenses or wrecked property. If the third party chooses to sue, Special Event Insurance pays your client's legal expenses.