Commercial property insurance protects your business from the loss of these assets due to fires, vandalism, theft, and equipment breakdown. The insurance pays to replace or rebuild property destroyed by a covered loss. It also covers loss of business income if you have to close your doors temporarily.
Business liability, or General Liability Insurance, covers medical payments when a third-party is injured as a result of your negligence, property replacement costs for damaged property that doesn’t belong to you, and settlement expenses if you are found guilty of libel, slander, or advertising theft.
There are additional insurance policies that will help protect your small business:
Liquor Liability is a necessary for businesses that serve alcohol. It protects you from incidents and claims resulting from drinking too much alcohol. Example: A customer leaves your bar and injures themselves or someone else as result of their inebriation.
Cyber liability is a hot topic with the number of breaches on the rise. This coverage protects you when sensitive customer information, including credit card numbers, email addresses, and social security numbers, is stolen by an outsider.
Professional liability protects businesses from claims of negligence resulting in financial loss to your clients.