Business Insurance FAQs

Business income coverage is not necessary for every business. However, if you decide to not purchase this coverage, it’s important to understand what won’t be covered in the case of a loss.

Business income provides reimbursement for lost revenue after a covered insurance loss . For a company that does not have a physical address that is crucial to its business, such as a contractor, business income is probably not necessary. For store fronts or main street businesses, like a coffee shop, business income insurance is a must.

General liability handles bodily injury and/or property damage sustained by a third party from something like a slip, trip or a fall. A woman walks into your store and slips on a puddle, breaks her hip and sues your business for the medical damage. That’s general liability.

Professional liability is protecting your business against bad advice or guidance. Any time you give professional opinion, advice or guidance you are opening yourself up to a professional liability claim.

Commercial general liability insurance is one of the most common insurance coverages purchased by businesses. It covers more than just slips, trips and falls, but is not a catchall coverage. There are many liability related accident and incidents that can happen in your business that are not covered under commercial general liability. For instance, general liability insurance will not protect against things you do on purpose and will not cover your building or property.

You need commercial auto insurance for any automobile, taxi, limo, bus or smal