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What are the different types of business insurance?

What are the different types of business insurance?

What are the different types of business insurance? Analyzing the different types of business insurance is not always easy?

Business insurance requirements vary by state, and the names of individual coverages are not always uniform among insurance companies.

Example

For example, one insurer might refer to coverage for the accidental breakdown of boilers, machinery, and equipment as boiler and machinery insurance,

while another insurer calls it equipment breakdown coverage or mechanical breakdown coverage.

To make things even more confusing, names like “boiler and machinery insurance” often include coverage for more than what the name suggests, like computers and office equipment. Below is a list of some of the types of business insurance coverage we carry at Nationwide to help you understand the types of business insurance available.

Types of Business Insurance

  • Business liability insurance can help protects you, your employees, and your customers in case of accidents.
  • Business property insurance can help protect your business’s physical assets, such as buildings, furniture, equipment, and inventory. You can purchase business property coverage even if you work from home.
  • A business owners’ policy, or BOP, is a combined package of different coverages, such as property insurance, liability, crime, and more. With a BOP you can buy a policy tailored to your specific needs.
  • business vehicle insurance can protect your company and employees from various damages and accidents related to driving vehicles.
  • crime insurance can protect your business from losses related to theft and counterfeiting.
  • Business income insurance can help pay bills and cover costs, should your business need to temporarily close.
  • supplementary business Insurance can provide your business with additional protection over and above that offered by the standard liability policy.
  • Cyber​​Liability Insurance can help protect your business from damage related to electronic data, computer systems, data breaches, and even cyber-attacks.
  • Equipment Breakdown Insurance can protect your business from damages and costs related to the malfunction of computers and electrical and mechanical equipment.
  • business interruption Insurance can pay for lost revenue and help keep your business afloat if you have to close for a short time due to outside forces.
  • Workers’Compensation Insurance can protect your employees in the event of a work-related accident.
  • Accounts Receivable Insurance can protect your business from losses caused by the inability to collect payments from customers.

What type of business insurance do I need?

At a minimum, every small business needs property insurance and liability insurance, even if you work out of your home. If you have commercial vehicles,

you will need commercial vehicle insurance. And if you have employees, most states will require you to carry workers’ compensation insurance.

other small business insurance needs to depend on the type of business, size, location, annual revenue, and how many years it has been in business.

To make things easier for yourself, find an insurance company you can trust, and then look for coverages specific to your industry.

If you need help determining what type of business insurance you need, call Nationwide at 1-888-490-1549. If you’re ready to get a quote, visit Nationwide’s small business insurance page and enter your zip code to get started.

 

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