Commercial

Commercial Lines of Insurance

Business insurance helps companies protect their financial assets, intellectual and physical property from a covered loss due to risks such as lawsuits, property damage, theft, vandalism, loss of income and employee injuries and illnesses. Standard coverages include Commercial Liability, Commercial Property, Commercial Auto and Workers’ Compensation. There is also a wide variety of other business insurance coverages available to address the more unique risks different businesses face.

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Liability Insurance

General liability insurance (GL), often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. General liability insurance quotes usually include:

Bodily injury and property damage liability
Personal and advertising injury
Medical payments
Products completed operations
Damage to premises rented to you

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Property Insurance

Commercial property insurance is a type of commercial coverage that can protect your business in the event of a covered loss. Many business owners purchase commercial building coverage as part of their BOP policy.

Depending on the terms of your policy, commercial property insurance may cover natural disaster, theft, accidents and more. Whether you own a freestanding commercial building, lease an office or even work from home, business property insurance can protect your building and your business’ physical assets. Here are a few examples of incidents that could be covered by a commercial property policy:

A fire could destroy your building and the contents inside
A burst water pipe could damage your documents, drawings or other valuable papers
A storm could damage your outdoor sign

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Umbrella Insurance

Commercial Umbrella Insurance provides businesses with additional liability coverage to help protect them against the potentially ruinous costs of claims. Significant assets can be at risk when businesses are the target of lawsuits. If the cost of a claim exceeds the limits of a business’s underlying primary insurance policies, Commercial Umbrella Insurance extends liability coverage for an additional layer of insurance to further protect business assets. Without Commercial Umbrella Insurance, business owners could be obligated to pay out of pocket for legal fees, medical bills, and damage expenses that exceed the limits of their underlying primary business coverages.

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Cyber liability

Cyber Liability Insurance helps businesses survive data breaches and cyber attacks by paying for recovery expenses. When cybercriminals infiltrate a network, hold data hostage, or acquire sensitive data, the company they steal from can be held liable for the incident. That’s where Cyber Insurance comes in. It can often pay for customer notification, credit monitoring, legal fees, and fines after a business experiences a breach.

Without Cyber Liability Insurance coverage, these costs can be overwhelming. A report from Internet security firm Kaspersky Labs claims the average cost of a small business data breach is $86,500. And while many small-business owners think they’re not targets for hackers, the opposite is actually true. According to Property Casualty 360, 62 percent of all cyber attacks hit small- and mid-sized businesses.

Why are cybercriminals attracted to small businesses? First, they like to go where the money is, and many small-business owners…

Accept credit cards.
Store customer information.
Conduct business online or in the cloud.
On top of that, small-business owners are less likely to have a strong defense against hackers.

If these things are true for your business, you could face a data breach and all the costs that go with it. But with Cyber Liability coverage, you have the funds to recover, rebuild, and restore your customers’ faith.

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