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Standard Business Insurance
A comprehensive insurance program is critical to protecting any organization—but what types of specific coverage does your business need?
Most companies require a combination of standard and specialty insurance types. Standard coverage may include property insurance to protect against damage to physical assets, business interruption to cover losses during temporary closures, general liability for claims of bodily injury or property damage, and workers' compensation for medical expenses and lost wages for employees injured on the job.
At eSpecialty Insurance, we are experts in specialized coverage for unusual, complex, and challenging exposures—and we also provide a range of standard business insurance coverages to meet your unique needs and keep your operation running, no matter what comes.
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Common Coverages
General Liability Insurance
General liability insurance (GL) protects your organization from claims of bodily injury, property damage, or personal injury—like if a customer slips and falls on your premises, resulting in an injury.
This coverage also responds to claims related to the damage of others’ property. GL policies may include coverage for liability from the sale of products, depending on the product and its exposures.
General liability insurance policies often exclude errors & omissions (E&O), directors & officers (D&O), and employment practices liability (EPL) related claims, including claims related to professional services, as these are expected to be covered by other insurance policies specifically designed to cover these claims.
Property Insurance
Property insurance protects your organization’s assets, such as buildings, inventory and equipment, (whether leased or owned) from fire, vandalism, etc.
Some situations (called “perils”) are not covered under a typical property policy—such as flooding. There are also unique or high exposure assets that are often not covered, but these assets, and flood exposed property, can be covered under special policies.
Business Owners Policy (BOP)
Business owners policy (BOP) combines essential business coverages (typically GL and property) under one, cost-effective policy. BOPs do not cover professional liability, auto insurance, workers' compensation, or flood and earthquake insurance.
BOPs may include a small amount of cyber insurance, but this coverage is typically not robust enough for most organizations and the limits tend to be low. Most organizations are better off buying standalone cyber insurance coverage for comprehensive protection.
Business Interruption Insurance
Business interruption insurance covers your organization for loss of income during periods when you cannot conduct your business as usual, due to an unexpected event such as fire or natural disaster. This coverage is typically included in either a BOP or property insurance policy.
Most property policies will not pay business interruption claims arising from a cyber event. However, a comprehensive cyber insurance policy will include business interruption claims related to a covered cyber event.
Workers' Compensation
Workers’ compensation protects your business from the costs of your employees’ job-related injuries, including medical costs and lost wages.
Work comp insurance is typically required for all businesses with employees, with a few exceptions.
Commercial Auto Insurance
Commercial auto insurance is needed for your organization’s use of various types of vehicles, such as cars and trucks. You may need commercial auto coverage even if you are not in the transportation business.
If your business does not own any vehicles but uses others’ vehicles for business purposes, you will probably need hired and non-owned auto insurance (HNOA). HNOA insurance provides liability coverage related to business use of non-owned vehicles. It may be part of your GL or BOP policy, or obtained in a separate policy.
Umbrella & Excess Insurance
Umbrella & excess insurance provides an extra layer of liability coverage to your organization, on top of your basic liability coverage. Umbrella typically sits on top of liability coverages such as GL and commercial auto. Umbrella does NOT typically sit in excess of errors & omissions (E&O), directors & officers (D&O), or employment practices liability (EPL) insurance.
Excess insurance is similar to umbrella, as it is excess of primary insurance—but it is typically limited to one type of coverage, such as E&O or property.
Commercial Crime Insurance
Commercial crime insurance provides protection to an organization from financial losses related to business-related crimes such as theft by employees, forgery, burglary, and computer fraud. A fidelity bond is similar to commercial crime insurance, but its scope of coverage tends to be more specific.
Some crime policies include limited coverage for cyber exposures, such as an extension of coverage which responds to loss of money from social engineering fraud. However, a comprehensive cyber insurance policy will respond to cyber-related claims more broadly.
Fiduciary Liability Insurance
Fiduciary liability insurance protects your organization from liability related to mismanagement and errors from acting as a fiduciary for these benefit plans.
Organizations and certain employees are fiduciaries for different types of employee benefits, such as 401(k) and pension plans.
ERISA Bonds
ERISA bonds, not to be confused with license & permit bonds or contractor bonds, are a special type of fidelity bond required for fiduciaries of retirement plans. ERISA bonds protect a retirement plan from acts of fraud or dishonesty, and may be required for businesses that offer retirement plans to their employees.
ERISA bonds are also required for certain retirement plan service providers, such as consultants and investment advisors.
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Note: Insurance policies are not all the same. Some policies are more comprehensive than others, and some policies provide broader coverage in specific areas. In addition, each insured may have different exposures and coverage needs. We encourage you to read your policy and consult with an insurance expert such as eSpecialty Insurance.