Lesser Known Policies for Businesses

Most business owners know about business owners’ policies. They have heard of worker’s compensation insurance and liability coverage. The world of commercial insurance is much larger than that, though, and Stanley Insurance Group in Hilliard, OH wants you to understand all the policy types so you can make an informed decision. 

Some businesses do not realize how many kinds of commercial insurance exist. Each business needs different types of coverage. Your dry cleaning business would require different insurance than your neighbor’s medical practice. Here are the various types of insurance you might need to add to your BOP.

  • Boiler & Machinery/equipment breakdown insurance: this policy type began as insurance for repair or replacement boilers, and as manufacturing grew, it also came to encompass other machinery and equipment. It also pays for the losses incurred by a business interruption from the breakdown.
  • Business interruption insurance: service-oriented businesses do not use machinery or boilers, typically, but an unexpected event like a fire can interrupt the course of their day-to-day business. BI insurance pays for the replacement and repair of real property and the lost income from the interruption of business as usual.
  • Commercial auto: this automotive insurance provides full coverage for you and the named, licensed drivers who operate your business or fleet vehicles.
  • Builder’s risk/construction insurance: pays for damages occurring to an under-construction commercial structure.
  • Crime insurance: reimburses your business due to losses from property crimes.
  • Debris removal: in cases where a named peril occurs, this policy covers the cost of removing debris.
  • Directors’ and officers’ liability policy: pays for the lawsuit settlements and legal costs that involve a corporation’s or non-profit’s C-level officers and directors.
  • Errors and omissions insurance (E & O): typically carried by attorneys, medical doctors, chiropractors, manufacturing firms, and publications, this policy pays for injuries to a third-party via mistake or error.
  • Glass insurance: a policy covering damage to windows, plate glass, and other glass. Typically, owners of storefronts purchase this, but dance studios and mirror manufacturers would, too.
  • Inland marine insurance: covers other people’s property stored at the business or in transit via the business. Dry cleaner’s often carry this policy as do courier companies.
  • Malpractice/professional liability: this policy pays lawsuit settlements and legal costs to those injured when a professional fails to provide the established standard of care.
  • Ordinance or law policy: this policy pays for the demolition and reconstruction of a structure when significant damage occurs to it. The policy covers reconstruction to current building code standards. 
  • Tenant’s policy: Landlords obtain this policy to pay for repairs when damage occurs to improvements their tenant made. This includes explicitly damage by the employees of the tenant.

Stop by or call Stanley Insurance Group of Hilliard, OH today to learn how we can help insure your business. Let us help you determine which of the above policy types best suit your business and build a custom commercial insurance policy for you.