Insurance

The following are the most common types of insurance for businesses. Of course, it’s important to speak to your agent or broker to find out if your specific business or industry requires other types.

• Common Types
  • General Liability (GL) – General liability insurance helps protect your business from claims that it caused, like:
    • Bodily injury to someone else
    • Property damage to another person’s belongings
    • Personal injury, like libel or slander
  • Workers Compensation (WC) – Workers’ compensation insurance gives your employees benefits if they get hurt or sick from their job. These benefits can help: 
    • Pay for their medical bills
    • Replace most of their lost wages if they miss work to recover
    • Cover funeral costs if they lose their life due to a work-related injury or illness
    • Pay for ongoing care, like physical therapy
      (See NerdWallet’s Complete Description of Business Insurance Types)
  • Errors & Omissions (E&O) – E&O insurance is a kind of specialized liability protection against losses not covered by traditional liability insurance. It protects you and your business from claims if a client sues for negligent acts, errors or omissions committed during business activities that result in a financial loss. (See Nationwide’s Full Explanation of E&O Insurances).
• Audits
  • Most commonly require P&L reports (bookkeeping needed)
  • Amounts paid to contractors that do not carry their own WC insurance are calculated into policy due/owed.