Liberty Mutual Business Insurance

A business owner's policy bundles general liability coverage and commercial property insurance into one policy. It is a cost effective choice, often cheaper than buying these insurance policies separately.

Commercial auto insurance covers the cost of accidents that involve company-owned cars, including medical bills, property damage, and lawsuits from other drivers. Every state, except for New Hampshire and Virginia, requires that businesses with company vehicles have commercial auto insurance.

If you use a personal, rented, or leased vehicle to complete work errands, then you should get hired and non-owned auto insurance (HNOA). This policy will offer you the protection you'll need, as personal auto insurance will likely not cover you if you're involved in an accident.

General liability insurance protects against the most common third-party lawsuits, such as bodily injuries, property damage, and advertising injuries (e.g., copyright infringement). It's often the first type of business insurance coverage that small businesses get.

State laws sometimes require general liability insurance for construction and landscaping contractors as part of their licensing requirements.

Commercial property insurance protects your business building and its contents, such as computers, furnishings, fixtures, and other equipment and inventory.

For example, if someone steals your laptop or a storm damages the roof of your small business, your commercial property policy will pay for the replacement of the stolen or damaged items.

Commercial property insurance has some limitations, including protection of items stored off-site and mobile property. This is where inland marine insurance comes in.

Inland marine coverage protects business property that is in transit or stored in an off-site storage unit. This includes products, tools, and equipment.

Commercial umbrella insurance provides an extra layer of protection by offering additional coverage for:

• General liability insurance
• Employer's liability insurance (part of workers’ compensation insurance)
• Hired and non-owned auto insurance

Umbrella coverage boosts your liability limits in $1 million increments and is often needed in order to fulfill a contract that requires higher than standard policy limits.

Workers' compensation insurance covers medical bills and other expenses related to work-related injuries. It also helps pay for lost wages if you or an employee are unable to work during recovery.

Most states require small businesses to purchase workers' comp as soon as you hire your first employee.