Business Insurance

Business insurance is invisible, complex and can differ widely from one business to another; it's hard to know if you have the right coverage in the right amounts for your company. Some people only find out the hard way - they realize they are not adequately covered in the middle of a crisis.

Business insurance is designed to minimize the impact of certain risks faced by people and businesses every day. Because some risks can prove devastating, most businesses transfer the risk through insurance.

Business Insurance for Property and Liability

Property and liability insurance encompasses the most basic, but critical coverage a small business needs. Property insurance protects the business from dangers such as fire and theft, while liability insurance protects the firm from lawsuits due to injury or damage to a third party.

BOP-The Business Owner's Policy

Most small business owners who qualify choose a package policy, generally known as a Business Owner's Policy - or BOP - for commercial insurance coverage. A BOP meets a combination of insurance needs for various kinds of low-hazard operations, such as offices, stores or apartment houses.

An advantage of the BOP is that the premium is determined upon issuance of the policy. In addition, for one low fee, the entrepreneur can often expand the BOP policy with coverage for items such as computer equipment, valuable papers, accounts receivable and transportation.

Business Insurance for Property

Property insurance basically covers a building and its contents from losses due to most common hazards like fire, theft and wind damage. Depending on the nature of the business, some companies that qualify choose a BOP and then add coverage for other risks as needed.

Business Liability Insurance

Liability insurance protects a business when it is sued for property damage or injury to third parties. It generally pays damages related to bodily injury, property damage, personal injury or advertising injury.

Umbrella liability insurance adds extra protection for catastrophic incidents in which a number of people are injured. Limits are generally purchased in $1 million layers from $1 million to $10 million or more.

Business Insurance for Automobiles

Any company with one or more cars will need a business automobile policy, which works much like a personal auto policy and covers both liability and damage to your vehicle(s).

Firms should also make sure their policies cover all autos used for company business -including those they don't own -- to protect themselves from liability if an employee is driving a personal car on company business.

Business Insurance for Workers' Compensation

Most companies with employees are required to have workers' compensation insurance or self-insure for on-the-job injuries. Workers' compensation, similar to automobile insurance, differs from other types of insurance in that the employer must buy it to comply with state law.

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