Business insurance protects a company from financial losses due to unexpected events that can occur during the course of business, such as property damage, lawsuits, or employee-related risks.

Business insurance is essential for protecting your company's assets and ensuring its long-term viability. It can protect you from lawsuits, natural disasters, and other unforeseen events that could otherwise force you to close your doors. Some types of coverage are also legally required.

A Business Owner's Policy (BOP) is a convenient and cost-effective package that combines three key coverages into one policy: general liability, commercial property, and business interruption insurance. It is a popular choice for small to medium-sized businesses.

General liability insurance covers your business against claims of bodily injury, property damage, advertising injury (such as libel or slander), and reputational harm that occur on your business premises or are caused by your operations.

General liability covers physical risks (e.g., a customer slipping and falling), while professional liability insurance, also known as errors and omissions (E&O) insurance, covers claims related to mistakes or negligence in the professional services or advice you provide.

Any business that provides a professional service or offers advice to clients, such as a consultant, accountant, or IT professional, should consider professional liability insurance.

Workers' compensation provides wage replacement and medical benefits to employees who are injured or become ill as a direct result of their job. It protects both the employee and the employer from costly lawsuits.

Yes, in most states, workers' compensation insurance is legally required for any business with employees.

Commercial property insurance protects your physical business assets, including your building, equipment, inventory, and furniture, from damage or loss due to events like fire, theft, or vandalism.

Commercial auto insurance covers vehicles used for business purposes. It helps pay for costs related to accidents, such as property damage and medical expenses. This is different from a personal auto policy.

If your employees use their personal vehicles for business errands, you should consider hired and non-owned auto insurance. This can provide liability coverage for your business in the event of an accident.

Business interruption insurance (also called business income insurance) covers the loss of income a business suffers after a covered disaster (e.g., a fire) forces a temporary closure. It helps a business continue to pay expenses while it is unable to operate.

Cyber liability insurance protects your business from financial losses resulting from cyber incidents, such as data breaches, ransomware attacks, or other security failures.

The cost varies significantly based on factors like your industry, location, number of employees, years in business, and the amount of coverage you need. A small, low-risk business might pay under $100 a month, while a larger, high-risk business could pay much more.

Key factors include your industry risk level, your company's revenue, the number of employees, your claims history, and the policy limits and deductibles you choose.

You can reduce costs by maintaining a safe work environment, implementing risk management practices, and bundling multiple policies into a BOP. Increasing your deductible can also lower your premiums.

Similar to personal insurance, a deductible is the amount you must pay out of pocket on a claim before your insurance coverage begins.

Policy limits are the maximum amount an insurance company will pay for a single claim or for all claims during a specific policy period.

Exclusions are specific risks or events that are not covered by your insurance policy. It's crucial to read your policy to understand what is not covered.

The first step is to immediately contact your insurance company or agent to inform them of the loss. They will guide you through the claims process and any required documentation.