It is a coverage that protects businesses from financial losses due to unforeseen circumstances. There are various types of business insurance,
and the specific coverage a business needs depends on its size, industry, and the nature of its operations. Here are some common types of business insurance:
- Property Insurance: Property insurance can help the owner avoid financial losses, which might occur due to damage caused to the property by natural calamities, against damage or loss from events such as fire, theft, or natural disasters.
- Business Interruption Insurance:is a form of insurance coverage that replaces business income lost as a result of a business interruption event.also it's
covers you for loss of income during periods when you cannot carry out business as usual due to an unexpected event.
- Liability Insurance: is an insurance product that provides protection against claims resulting from injuries and damage to other people or property.
Covers legal liabilities arising from injuries, accidents, or negligence that occur on the business premises or as a result of its operations
- Workers'Compensation:Mandated in many jurisdictions, this insurance provides coverage for medical expenses and lost wages for employees who are injured or become ill while on the job.
- Commercial Auto Insurance: commercial auto insurance policy covers the property damage and medical expenses that might arise in an accident. It also pays for third-party liabilities and legal expenses, if any.
- Employment Practices Liability Insurance (EPLI):EPLI coverage helps you to settle the claim. It reimburses the defense cost and also any court awards. In most of the directors' & officers' liability insurance, EPLI
coverage has to be bought as an extension at a small premium
- Directors and Officers (D&O) Insurance: Directors and officers (D&O) liability insurance covers directors or officers of a business or other organization if a lawsuit is brought against them. insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving
as a director or an officer of a business or other type of organization.
- Commercial Umbrella Insurance: Provides additional liability coverage that goes beyond the limits of underlying insurance policies.
