The 3 Different Business Insurance Types

There is a wide array of different types of business insurance that cover business losses, but there are three main categories that are both required by law and essential in protecting your business interest. Those three main categories are: property insurance, liability insurance, and workers compensation. 

Property Insurance

Property insurance covers any damage done to the physical assets of the business. This includes the building the business is operating in, cars owned by the company and assets such as computers and servers. Property insurance will cover most accidents such as fire or flood, depending on the specific coverage lines elected. Property insurance may also cover theft.

Liability Insurance

Liability insurance covers incidental damage the business causes to other property or persons. There are many types of liability insurance, and it can cover issues like sexual harassment, employment practices or other acts of negligence. 

Workers Compensation Insurance

Workers compensation insurance is required in most states when a business has employees. This will cover issues such as workplace accident or accidental death & dismemberment. There are a number of disability insurance types that will be available to a business in order to provide for the safety and security of employees. 

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