All businesses are different. You’ll therefore have to determine the appropriate commercial insurance for your specific needs. Often, you will need more than one type of coverage to create full protection.

Property Insurance: This policy helps protect your business’s property, i.e. your office space. Following damage from a covered hazard, like a fire or vandalism, your policy can help with repairs or rebuilding.

Possessions & Equipment Breakdown Coverage: Within your property insurance, you’ll likely find possessions coverage. Coverage will insure items within the business, such as stock, computer equipment and furniture. Equipment breakdown insurance will apply in more unique situations where critical machinery breaks down, interrupting operations or causing damage.

Commercial General Liability (CGL) Coverage: You strive to interact with clients and third parties appropriately. However, you can’t prevent every accident. General liability insurance will cover harm the business does to third parties. In most cases, it will insure:

• Bodily injuries claims might result if a client slips and falls in your store. They might sue you to cover their medical bills. This coverage can help.
• Property damage claims occur if you damage someone else’s property, this coverage might apply. For example, if you damage an antique piece of furniture, coverage might help you repay the client for the lost item.

Policies will also usually cover legal fees and settlements resulting from such accidents. 

Personal Injury & Advertising Liability Coverage: This coverage again applies to harm you cause to third parties. However, it applies more to reputational or competitive damage, rather than physical losses.

• Advertising liability coverage will pay in case your advertising misleads or causes losses for another party. For example, if you claim that a competitor restaurant serves tainted food, then the party might sue you for damages. Coverage can help you settle the claim.
• Personal injury insurance insures your business against claims of libel, slander, false arrest, invasion of privacy and similar claims made by a third party.

Please note these policies will often come as part of your CGL coverage. However, some CGL policies don’t automatically include these options, so ask your agent about them specifically.

Professional Liability Insurance: Your professional mistakes, such as bad business advice or clerical errors, might cause clients a financial loss. This coverage can help you compensate those parties. Often, this coverage is called Errors & Omissions (E&O) insurance.

Commercial Auto Insurance: If you own a business fleet or use your personal car in the regular course of business, then you might need commercial auto insurance. Most states require all drivers and vehicles to have insurance. Commercial auto coverage will contain the appropriate protection to fill this hole.