What does Business Insurance Cover?

Answer:
When buying business insurance, you can either buy

a package that covers major property and liability risks or you can buy these coverages separately. A typical business owners policy covers: property insurance that covers buildings and contents that are owned by the company, business interruption insurance to protect loss of income in the event of a covered loss, and liability insurance which covers legal responsibility for harm caused to others.

For example, this type of policy would cover damage to the building in the event of a covered loss as well as the contents inside. If the loss causes an interruption to the business, the business interruption insurance would kick in replacing lost income. If someone is harmed in your business, the liability insurance would cover their losses according to policy limits.

Whether you obtain a package with the basics or buy individual business policies depends on your needs.

It’s important to note what this type of policy does not cover. Business insurance does not include auto insurance, professional liability insurance, worker’s compensation insurance, health insurance, or disability insurance. You will need separate policies for the various types of insurance your company requires.


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