6 Popular Types of Business Insurance 

Business insurance is designed to protect you from many types of unexpected costs associated with running your business. If you lack the proper protection, situations like natural disasters, accidents, and even lawsuits could result in the complete closure of your business and hefty financial strains.

There are many types of business insurances. You will need to pick the one that is right for you. In this guide, we will expound on the 6 most popular types of insurances for businesses. 

  1. General Liability Insurance 

This type of insurance is designed for any type of business. It helps in protecting against various types of financial loss due to a wide variety of circumstances. Examples include property damage, bodily injury, slander, libel, medical expenses, lawsuits. It even protects against any type of settlement bond or judgment. 

  1. Professional Liability Insurance 

This type of insurance is designed for businesses that offer services directly to customers. It will aid in protecting against the circumstance of financial loss due to negligence, malpractice, and errors. 

  1. Product Liability Insurance 

This type of insurance is designed for those businesses that specialize in manufacturing, distribution, wholesale, and/or the actual retail of a certain product. This covers against financial loss that may stem from a defect in said product that results in any type of harm or injury to a person or persons. 

  1. Commercial Property Insurance 

This is designed for businesses that have a large amount of property and a large level of physical-based assets. It is designed to cover against any type of loss or any type of damage of the property of a business. Examples of situations that may result in these losses or damages include fire, natural disasters, smoke, vandalism, and even civil disobedience. 

  1. Business Owner’s Policy 

This type of insurance is designed for small business owners and those that own and/or operate a business from home. It is a package that combines the most typical of coverages required for such businesses into one package. These are sought after because of the fact that it makes obtaining insurance really easy and it is cheaper to bundle services all in one package. 

  1. Home Business Insurance 

This is insurance for businesses that are operated from the business owner’s residence. It is typically added to homeowner’s insurance as a special rider. It is designed to offer protection for small amounts of business equipment. It also offers liability coverage in the event that a third-party becomes injured. 

Contact Us Today 

We here at Modica Associates specialize in searching and providing the insurance coverage that you need for your business. We offer a large line of coverages for many different types of businesses. We will gather your information and find the most comprehensive coverage at the most competitive of prices. In addition to business insurance, we specialize in commercial coverages such as transportation, government contractor coverage, and business loss insurance. For more information, you may contact one of our agents now by calling the following number: 718-855-1836

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