Simply Business insurance can connect you with small business insurance companies that sell a wide variety of coverage types for problems such as accidental injuries and property damage to others, damaged or stolen business equipment, and lost income. Here are some common coverage types you can expect to find:
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Commercial auto insurance
- Cyber liability insurance
- Professional liability insurance
- Workers’ compensation insurance
Simply Business’ Business Owners Policy
A business owners policy (BOP) bundles three essential coverage types: general liability insurance, commercial property insurance and business interruption insurance. It’s usually cheaper to buy a BOP rather than to buy each coverage type separately. Here’s what the various types of insurance cover:
- General liability insurance pays for accidental injuries and property damage caused to others. It covers medical bills, repairs, legal costs, judgments and settlements. It also covers other types of problems, such as claims of reputational harm, copyright infringement and advertising injury.
- Commercial property insurance covers the physical property of your small business for damages related to events such as severe weather, fire and theft. It pays to repair or replace your business items, such as computers, office equipment, inventory and supplies. It also covers your office and business building. This coverage is also called “business property insurance.”
- Business interruption insurance covers lost income if you temporarily cannot open your business due to a problem covered by your policy, such as a fire. It also covers expenses if you have to move your business to a new location on a temporary basis. This coverage is also called “business income insurance.”
Simply Business’ Commercial Auto Insurance
Commercial auto insurance covers the vehicles you use for work purposes, such as trucks, vans and cars. A personal auto insurance policy doesn’t cover business use of a vehicle.
Simply Business’ Cyber Liability Insurance
Cyber liability insurance covers expenses if your small business is the victim of a cyberattack. It can cover costs for data recovery, identity recovery, ransom payments and notifying customers impacted by a data breach.
Simply Business’ Professional Liability Insurance
Professional liability insurance covers your small business against claims of mistakes in professional services, even if the claim is groundless. For example, if a client claims that your professional advice resulted in financial harm, your professional liability insurance will pay for your legal costs, judgments and settlements.
Professional liability insurance is also known as errors and omissions insurance.
Simply Business’ Workers’ Compensation Insurance
Workers’ compensation insurance is required in most states if your small business has even one employee. It covers your employees if they become injured or ill because of their job. It pays expenses such as lost wages, medical bills, physical therapy and death benefits to an employee’s family.
Simply Business’ Other Types of Small Business Insurance
The insurers that partner with Simply Business sell other types of small business insurance that you may need for your small business, such as:
- Builder’s risk insurance covers construction materials and property for projects that are under construction. This coverage is also called “course of construction insurance.”
- Commercial umbrella insurance is an extra layer of liability coverage that kicks in when a claim reaches the liability limit on an underlying policy, such as general liability insurance.
- Directors and officers (D&O) insurance is a liability policy that covers decisions made by the directors, officers and board members of your business.
- Equipment breakdown insurance pays to repair or replace your equipment that is suddenly damaged or stops working. This coverage is also called boiler and machinery insurance.
- Inland marine insurance covers equipment, materials and products that are being transported on land by train or truck. It pays for property that has been stolen, lost or damaged.
- Product liability insurance covers claims for products that you sold, distributed, manufactured or created. It covers you if a product causes injury or property damage to someone else.