Business Insurance

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What Is Business Insurance?

Business insurance protects businesses from losses incurred during ordinary operations. There is an array of insurance policies to choose from that cover legal liability, property damage, and employee risks. Companies must evaluate their insurance needs based on their environment and potential operational risks.

To weigh the cost of a policy, a company must consider these factors:

Gross Annual Revenue
Location of the business
Number of Employees
Owning or renting vehicles
Whether the business owns, rents, or leases the building, they operate from.

Types of Business Insurance

Professional Liability Insurance: Professional liability insurance protects against negligence claims resulting from mistakes or performance failures. Each industry and business has unique circumstances to address, and the coverage reflects their need.

General Liability Insurance: General liability insurance offers broad protection against claims of bodily injury, property damage, and personal injury (like libel or slander). This coverage is crucial for most businesses.

Workers’ Compensation Insurance: This coverage provides benefits to employees who are injured or become ill on the job. In many states, businesses are legally required to carry this insurance.

Product Liability Insurance: Product liability insurance is vital if your business manufactures products to sell. If a company’s products or services fail to meet standards or cause harm, it may enter a lawsuit.

Business Interruption

Business interruption (or continuation) policies apply to companies that require a physical location to operate, such as retail stores or manufacturing facilities. They compensate a company for lost income during events disrupting the ordinary business course.

Business Owner’s Policy (BOP)

A BOP is a comprehensive package policy that combines general liability and property insurance. It’s a cost-effective way to protect your business from various risks.

Home Insurances

Property Insurance: This insurance covers theft, inventory, signage, and furniture damage in the event of a fire, storm, or robbery. However, coverage doesn’t extend to highly destructive occurrences like floods and earthquakes. If a company’s personal property is expensive and highly valued, it will purchase a rider. When a claim is made, the policy reimburses the policyholder for the total value of the damage or covers the replacement costs.

Home-Based Businesses: Homeowner’s policies don’t cover home-based businesses like commercial property insurance. If you’re operating from home, ask for additional equipment and inventory coverage.

Other Insurance Types

Cyber Liability Insurance

Due to significant risks in today’s digital age, Cyber liability insurance helps protect your business from data breaches, cyberattacks, and other related incidents.

Commercial Auto Insurance

If your business owns or leases vehicles, commercial auto insurance can protect you from liability claims and property damage in case of an accident.

Vehicle Insurance

All businesses should fully insure vehicles, even though comprehensive automobile insurance will also cover the vehicle in an accident. Employees using personal cars for work have private insurance in the event of an accident. An exception will be if someone delivers goods and services for money.

Don’t Be Left Uninsured

Your business’s specific insurance needs may vary. Consult with DNS Insurance Broker to determine the best coverage options for your particular situation.