Common Types of Business Insurance
Business Insurance Policies
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What are some Common Types of Business Insurance?
Several common types of business insurance policy are discussed below.
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What is Business Liability Insurance?
Business liability insurance can have any number of property and liability protections. The most common form of business liability insurance is a comprehensive general liability (CGL) policy. These policies will insure any number of risks commonly faced by businesses, such as premises liability, product liability, professional malpractice, negligence, environmental liability, etc.
Note: It is common for insurers to require separate policies for product liability and professional malpractice liability coverage.
What is Professional Liability Insurance?
Professional liability insurance, often called malpractice insurance, protects the insured from losses incurred as a result of a specific type of negligent professional practice. A specific type of professional liability insurance is director & officer liability insurance, which is purchased by a business to indemnify its officers and directors from losses suffered in the performance of their business duties.
Others Common Types of Business Insurance
Other common types of insurance include: crime, flood, pollution, mortgage insurance, title insurance, workers compensation, unemployment, cyber privacy, etc.
An individual or business may purchase any of the above-referenced types of insurance, as well as many other common types of insurance. Some of the types of insurance may be required by law or by professional trade industry in a given jurisdiction.
Discussion: What types of professional practitioners do or are generally required to purchase these types of policy? Why do you think companies purchase D&O insurance to cover its officers and directors? Why do you think many businesses purchase these types of policies? Can you think of a situation where a business would not benefit from such a policy?