As a business owner, you need business insurance to protect yourself, your employees, your customers, your assets and the future of your company. Think about the high costs associated with worker injuries, lawsuits, temporary business closures and data breaches. Without business insurance, any one of those examples could jeopardize the future of your business. Also, your state may require you to carry certain types of business insurance.
A businessowners policy (BOP) combines business liability, commercial property, business income, and equipment breakdown coverages into one cost-effective package for businesses. BOPs can be general in nature, or personalized to meet your business’s industry-specific needs. Standard BOPs include commercial property insurance, business liability insurance, business income insurance, or equipment breakdown insurance.
This type of coverage can provide reimbursement for the resulting medical, repair and legal expenses if your business is held liable for injuring someone or damaging their property. For example, if a customer slips and injures themselves on your property, business liability insurance can help pay for any medical costs or lawsuits that may arise from the incident. Such a policy can also be supplemented with additional coverage endorsements—including fire legal liability and employment-related practices liability—based on your business’s unique risks and exposures.
This form of coverage can help protect your business’s building, as well as any commercial property surrounding the building and the contents within. These assets may include fencing, signage, furniture, equipment and inventory. If a covered event—such as a fire, burst pipe, storm damage or vandalism—damages or destroys your business’s building or its contents, commercial property insurance can recoup the cost of rebuilding, repairing or replacing the property. Commercial property insurance policies typically utilize one of the following valuation methods:
This type of coverage can provide protection for the vehicles your business uses to conduct its operations—including cars, trucks, vans and more. Commercial auto insurance typically includes three forms of coverage:
In the event that one of your employees experiences an occupational injury or illness, workers’ compensation insurance can cover their associated medical expenses and rehabilitation costs, and—in some cases—recoup a portion of their lost wages from the incident. This form of coverage can also help pay death benefits to an employee’s family if they are killed on the job. For example, if an employee injures themselves while operating workplace machinery at your business, workers’ compensation insurance could cover their resulting hospital bills and physical therapy costs. This coverage is required in most states, although specific policy standards vary.
This coverage can help you cover payroll, pay for relocation expenses and replace lost income when a covered loss forces your business to close temporarily.
This coverage helps protects your business against, burglary, robbery, forgery, computer fraud, employee dishonesty and other crimes.
This coverage can help protect your business from employee lawsuits resulting in alleged discrimination, wrongful termination, harassment or other employment-related issues.
This type of coverage can help your business recoup expenses associated with a cyberattack or data breach. These costs may include legal fees that result from the breach, expenses related to informing customers of the incident and investigating the cause of attack, and the cost of recovering lost data or repairing damaged technology systems.
Errors and omissions insurance is a type of liability coverage that protects your business against client lawsuits caused by alleged negligent acts, errors or omissions. E&O insurance typically cover you, your employees and your subcontractors.
This coverage helps protect you against equipment failures, including mechanical malfunctions, power surges and operator error, and any associated losses.
Especially useful in high-loss situations, an umbrella policy can act as an added layer of protection to your business’s liability policies. Such a policy can provide coverage when the cost of a claim exceeds your policy’s limit of liability. For example, if your business receives a $1.5 million general liability claim after a customer injures themselves on your property, but your general liability policy limit is only $1 million, an umbrella policy could help cover the remaining $500,000.
This coverage helps protect your property in transit, as well as fine artwork and computer equipment and data.
This coverage helps protect your construction projects throughout every phase, from groundbreaking to ribbon cutting.
Our coverages guard against a wide array of risks companies encounter each day. Many organizations seek an added measure of financial protection to guard against claims that can stem from missteps their leaders or staff members might make, which could affect the financial well-being of the organization.
Nationwide has been providing contract, commercial and fidelity bonds for more than 60 years. Different than insurance, a surety bond is designed to guarantee your:
Integrity and honesty
Performance and financial responsibility
Compliance with a law or contract