Business Insurance The world of business insurance is vast – you need it, we’ve got it. Below are some of the most common types of business insurance and a brief description of each type. If you would like a quote, please click the link below.GET A QUOTEBuilder’s Risk InsuranceBuilder’s risk insurance is a type of property insurance that protects against the damage of a building or structure during construction – whether it is new construction, remodeling or repair. Damage includes losses due to wind, fire, theft, vandalism, and any other accidental loss. Coverage typically ends upon the completion of the construction.Business Interruption InsuranceBusiness Interruption Insurance, also known as Business Income Insurance, protects against the loss of earnings as a result of damage or loss of business property. Reimbursement for salaries, taxes, rents, and other expenses plus net profits that would have been earned during the period of interruption can be included.Business Owner’s Policy (BOP)A Business Owner’s Policy is popular among small to medium sized companies. It combines some of the basic coverage’s into a standard package that are typically less than if separately purchased. A BOP usually includes the following type of coverage’s:Property InsuranceBusiness Interruption InsuranceCasualty or Liability InsuranceCrime InsuranceLiability InsuranceVehicle coverage for rented or borrowed vehiclesBusiness Property & Income InsuranceThis type of insurance covers against a variety of losses including fire damages, electrical surges, and even embezzlement. As like most insurance policy’s this Business Property Insurance is tailored to the specific needs of a company, but generally include protection of:Building and equipmentFurnishing and fixturesInventoryComputer and recordsOther valuable itemsCommercial Auto InsuranceCommercial Auto Insurance is similar to that of personal auto insurance coverage, but instead provides coverage for vehicles used in the business. It can be designed to meet each individual business’s needs and can be as comprehensive as needed. Commercial Auto Insurance includes liability coverage, comprehensive and collision coverage, uninsured and underinsured motorist coverage, medical payments, coverage for rental cars used for the business as well as for any employee using a business vehicle.Directors’ and Officers’ LiabilityDirectors’ and Officers’ Liability insurance provides financial protection for officers, directors, and managers in the event they are sued for actions made while in conjunction with the company. Both Employment Practices Liability and Fiduciary Liability are included in the coverage. Most exposure falls under the Employment Practice Liability with the potential of harassment and discrimination suits. Often times Directors’ and Officers’ Liability is assumed to be the same as Errors and Omissions Liability insurance. However, they are completely separate with no overlap. In fact, in many cases, both types of insurance are required by businesses.Employee Benefit LiabilityEmployee Benefit Liability insurance is coverage designed to protect employers from negligent acts or omissions in administration of employee benefit programs. Its coverage is intended to extend to the “administration” of these plans, including handling records, enrolling/terminating/cancelling employees in specified plans on a timely basis, counseling employees, and interpreting employee benefit programs.Employment Practices LiabilityCoverage designed to protect directors, managers, and officers against claims being brought against them by employees or former employees in the form of sexual harassment, discrimination, and wrongful termination suits. Wrongful discipline and failure to employ or promote are also claims this type of insurance guards against.Errors & Omissions/Professional Liability InsuranceFailure to perform and negligent or erroneous acts are types of claims E & O insurance protects against. A separate insurance from Directors’ & Officers’ Liability insurance, Errors & Omissions insurance is designed to provide coverage for the professional.Fidelity BondsFidelity Bonds provide coverage for employers suffering a financial loss due to the dishonest or negligent acts of its employees. Blanket or individual policies can be obtained with varying limits of liability.Commercial General Liability (CGL)An insurance policy issued to businesses to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations. The policy also provides coverage for advertising and personal injury liability claims.Surety BondsA contract under which one party (the insurance company or surety) assures the performance of certain obligations of a second party (the principal or you) to a third party (the oblige or customer). As an example, most contractors must provide the party for which they are working for with a bond guaranteeing that they will complete the project by the date specified in the construction contract in accordance with all specifications.Worker’s Compensation InsurancePart One of the policy provides medical, disability, death and rehabilitation benefits to workers for work related injuries without regard to whether or not the employer is at fault. Part Two, otherwise known as the Employers Liability, provides coverage for claims arising out of employees’ work-related injuries that do not fall under the workers compensation statute.