There are three main policies to review depending on your business type. The BOP, CGL, and HAP insurance coverage’s all provide different types of protection to your establishment. To decide which package is right for you, review the different coverage’s below.

Business Owner's Insurance Policy

A business owner's insurance policy offers coverage for the touchable and untouchable assets that a business owns. They also include property insurance for establishments and valuables owned by the company. The rule similarly increases defense against bodily injury that someone who visits or utilizes your business may incur. This coverage is specifically geared towards any mishaps that have occurred based upon your lack of judgment or knowledge. The strategy can also guard your pay from natural disasters, fires, and other events that threaten to close your business for an extended period. This is known as business interruption insurance.

Commercial Liability Insurance Policy

A Commercial General Liability (CGL) protects your company from economic loss. If you are responsible for property, personal, or advertising damage due to company activities then commercial liability insurance will cover any negligent acts. This includes issues from your services, staff, and other members of your company. There are different levels of coverage that may include premise damages or for completed works. Depending on the level of coverage, the policy may or may not cover product recalls. The two types include a claims-made policy and an occurrence policy. Claims-made are coverage over a specific time period, while an occurrence policy happened before the policy came into effect. The policy does not typically protect claims against sexual harassment or discrimination. You will need to buy this as an addition.

Homeowners Association Insurance Policy

Homeowners Association Insurance Policy covers people who are hurt in the shared parts of a community. This could include the swimming area, park, playground, and any other areas where residents dwell. Ideally, the policy will have liability insurance that includes “directors and officers" coverage. If lawsuits or dispute claims are filed against a policy holder’s members; directors and officer’s liability insurance can help with the expenses. Additionally, adding building ordinance coverage can help when regulations have been changed and increase the cost of repairs to an older building.