Common Types of Insurance

General Liability

• Protects you from a number of potential accidents, risks and hazards that you may have no direct control over.
• Business owners purchase general liability insurance to cover legal hassles due to accident, injuries and claims of negligence. These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
• e.g. Damage to a client’s property.

Professional Liability insurance

• Also known as Errors & Omissions or E & O.
• It protects you from losses that can be a direct result of mistakes you or an employee made.
• Business owners providing services should consider having professional liability insurance (also known as errors and omissions insurance).
• This type of liability coverage protects your business against malpractice, errors, and negligence in provision of services to your customers.
• Depending on your profession, you may be required by your state government to carry such a policy.
  • For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states.
    • e.g. a reporting omission or error.

Inland Marine

• For businesses for property that is mobile in nature or requires unique valuation that they own or have in their care.
• Many types of property are covered, including those related to construction, transportation, fine art and communications. 
  • Radon monitors, tools, etc.
  • Warning: many companies will not cover radon monitors

Business Owner’s Policy [BOP]

• Property, general liability, inland marine coverage all together in one policy.
• A personal Umbrella policy is often used in lieu of or in conjunction with a BOP.