Types of Commercial Insurance Coverage
The most common types of commercial insurance are property, liability and workers' compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to your employees.
Property insurance pays for losses and damages to real or personal property.
BOILER & MACHINERY INSURANCE
Boiler and machinery insurance sometimes referred to as "equipment breakdown" or "mechanical breakdown coverage," provides coverage for the accidental breakdown of boilers, machinery, and equipment.
DEBRIS REMOVAL INSURANCE
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc.
BUILDER'S RISK INSURANCE
Builder's risk insurance covers buildings while they are being constructed.
Glass Insurance covers broken store windows and plate glass windows.
INLAND MARINE INSURANCE
Inland marine insurance covers property in transit and other people's property on your premises.
BUSINESS INTERRUPTION INSURANCE
Business interruption insurance covers lost income and expenses resulting from property damage or loss.
ORDINANCE OR LAW INSURANCE
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent).
A bond company covers losses due to a bonded employee's theft of business property and money.
Liability insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy.
ERRORS & OMISSIONS INSURANCE
Errors and omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party.