COMMERCIAL INSURANCE
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Business Owners Policy (BOP)
This is a general insurance package that offers General Liability and Business Property insurance under one policy. General Liability protects your business from another person or business' claims of bodily injury, and related medical costs, property damage, data loss and personal injury. Business Property protects damage to a rented property and the equipment inside it.
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General Liability insurance policy
A General Liability insurance policy is typically the first step in business protection. It’s the most essential piece of your commercial insurance plan that protects your business from a person or business’ claims of bodily injury and related medical costs; property damage; data loss and personal injury. If you have business property, you might want to consider a Business Owners Policy instead.
"My CoverHound rep, Chris, was extremely helpful and knowledgeable of my needs. We discussed in detail what my business needs were and found great coverage at an affordable premium."
Who needs a General Liability policy?
You, if you or your employees...
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Interact with clients face to face - if you visit a client's workplace, or clients visit yours
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Have access to a client's equipment - for example, IT professionals
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Use third party locations for any business related activities - e.g. architects
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Operate a business without owning or renting any physical property
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Are required to have General Liability insurance before entering into a contract
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Professional Liability insurance policy
Professional Liability insurance, also known as Errors and Omissions insurance (E&O), protects you and your small business against client charges of negligence or injury for the professional services you provide. Whether you are at fault or not, you are protected against losses, attorney fees and even court costs.
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Workers Compensation insurance policy
This policy protects your employees if they suffer an injury or become ill while on the job. This is mandated by the state if the business employs more than a certain number of employees, and the threshold varies by state. It also protects your company from being sued by employees for workplace conditions that can cause harm.
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Directors and Officers insurance
Directors and Officers (D&O) insurance is designed to protect your company’s directors, officers, board members, and managers from allegations of wrongdoing in regards to their leadership with the company. This liability insurance provides personal financial protection for your company’s officers and directors in the event they are personally sued.
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What is Cyber Insurance
There are 2 primary components of comprehensive cyber coverage. First Party Cyber Coverage covers immediate response costs associated with a data breach for losses to the policyholder. It will cover things like extortion/ ransom, loss of income due to business interruption and theft. Third Party Cyber Coverage covers the policyholder from claims bought by third parties such as customers and clients claiming losses because of policyholder’s actions in the event of a cyber attack. It will cover things like legal fees.
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