Business Insurance: Can You Combine Types?
Business insurance, also referred to as “commercial” insurance, consists of a long list of insurance types designed to protect the financial interests of those engaged in business. Public liability insurance and employers’ liability insurance are the two main types of business insurance, and are often combined together as two parts of a full business insurance portfolio.
While both of these are important for any business owner to consider as part of their protection, there are several other types of business coverage that can be added to provide more complete, well-rounded protection.
Types of Business Insurance
Combining different types of business coverage into one single business insurance portfolio is best accomplished with the aid of your insurance broker, making sure each of your specific insurance needs are met. Here’s a comprehensive listing of what types of insurance are available:
Business Owner’s Policy, or BOP, is a package of several different business insurance types combined into one policy to provide you with the types of coverage most businesses require. This policy can be custom designed to include exactly what your business specifically requires for insurance protection. Typically included will be property insurance, liability insurance and crime insurance. Some business vehicle coverage can often be added. The BOP package will usually cost less to buy than buying each individual policy type separately.
General Liability Insurance – something every business needs, even home-based businesses. This protects your business and your employees against liability claims resulting from bodily injury or damage caused or alleged to have been caused to a third party.
Property Insurance – this protects your building and business property including office equipment, tools and inventory. It provides protection against loss from fire, vandalism, theft and other various covered perils.
Commercial Auto Insurance – protects company vehicles, including employees, equipment and inventory carried in those vehicles. Auto liability insurance is also available for employee-owned vehicles driven for business use, to protect the business from liability in the event the employee has inadequate coverage.
Professional Liability Insurance – also known as Errors and Omissions Insurance, this coverage protects you against liability for rendering professional services improperly.
These are just a few of the numerous insurance types available to businesses. Others include business income insurance, equipment breakdown insurance, workers’ compensation insurance, key man insurance, cyber liability insurance and more. These may be freely mixed and matched to create custom coverage for your business. See your broker for more information.