Types of Business Insurance Policies
Business insurance is essential for protecting a company from financial losses due to unexpected events. Mynatt Insurance Agency, Inc. provides business insurance in Tampa, Lutz, FL, Oldsmar, FL, Riverview, Temple Terrace, Carrollwood and surrounding areas.
Various types of business insurance policies are available, each designed to cover specific risks. Below are the most common types:
General Liability Insurance
This policy protects businesses from claims involving bodily injuries, property damage, and advertising injuries. It’s often considered essential for all businesses.
Commercial Property Insurance
This covers damage to business property caused by fire, theft, vandalism, or natural disasters. It typically includes buildings, equipment, inventory, and furniture.
Business Interruption Insurance
Also known as business income insurance, this policy compensates for lost income and operating expenses if a business must temporarily shut down due to a covered event.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, this covers professionals against claims of negligence, mistakes, or failure to perform services properly.
Workers’ Compensation Insurance
Required in most states, this covers medical expenses and lost wages for employees injured on the job. It also protects employers from related lawsuits.
Commercial Auto Insurance
This policy covers vehicles owned or used by a business for accidents, theft, or damage. It’s essential for companies that rely on transportation.
Cyber Liability Insurance
With the rise of digital threats, this policy covers losses from data breaches, cyberattacks, and other technology-related risks.
Product Liability Insurance
For businesses that manufacture or sell products, this policy covers claims related to product defects that cause harm or injury.
Employment Practices Liability Insurance (EPLI)
This covers legal costs arising from employee claims related to harassment, discrimination, or wrongful termination.
Key Person Insurance
A life insurance policy on a crucial employee whose loss would significantly impact the business.
Choosing the right mix of insurance depends on the nature and size of the business, industry risks, and legal requirements.
Interested in discussing this further? Call or email us anytime!
