Business Insurance | Insurance for Business Owners
Popular Business Insurance Solutions to Meet Your Needs
Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses.Get a business insurance quote to learn more. For the last 50 years, we’ve helped countless companies and their employees. In fact, more than 18,000 of them have given us a 4.8 star claims rating.* There are many types of insurance options to help protect the company you’ve worked hard to build.They provide coverage for business property damage, legal liability and employee-related risks. Business insurance can also help replace lost wages if your employees get a work-related injury or illness and need time to recover.
Importance of Business Insurance Coverage
In most states, your business needs certain coverages to operate, like workers’ compensation insurance. Workers’ comp gives your employees benefits to help them recover from a work-related injury or illness. It can pay for medical expenses and help replace lost wages if your employees have to miss work. Liability insurance is also important because it helps pay the legal fees and costs related to lawsuits filed against your business. Without these coverages protecting your business, you’d have to pay out of pocket for claims.
Choose the Best Types of Business Insurance
Top Recommended Insurance for Business Owners
To help protect your business’ property, income and financial assets, a Business Owner’s Policy (BOP) is good to have. It combines three different types of coverage into one, such as: Business property insurance to help protect your owned or rented building and the equipment used to operate your company. This can include your:
- Physical locations
- Accounts receivable
General liability insurance to help cover claims that your business caused:
- Bodily injury
- Property damage
- Personal injury, like libel or slander
Business income insurance, also known as business interruption coverage, to help replace lost income if you can’t operate because of covered property damage. This includes damage from fire, destructive winds or burglaries. Depending on the unique needs of your company, you can also add other types of coverage to customize your protection.
Specialized Business Insurance Coverage for Unique Risks
- Business auto insurance, which helps protect you and your employees on the road if you’re driving for work.
- Data breach insurance for help covering the costs of responding to a breach if personally identifiable information gets lost or stolen.
- Professional liability insurance, also known as errors and omissions coverage, to help cover claims that you made a mistake in the professional services.
The Hartford Business Insurance: Trusted Experience
Many insurance companies offer the same coverage. That’s why it’s important to find an insurer that truly has your back. For more than 200 years, we’ve helped over 1 million businesses like yours. Today, we’re honored to be a trusted insurance company for businesses of all sizes. In fact, The Ethisphere Institute named us a World’s Most Ethical Company® 12 times.** Whether you have questions about insurance options or need help with a claim, we’re here to help. Get a business insurance quote today.
What Does Business Insurance Cover?
Business insurance can help pay the costs of property damage, lawsuits, lost business income, and other covered losses. To help protect against specific risks unique to their situation, businesses often buy multiple coverages and combine several in one policy. A Business Owner’s Policy, for example, combines property, general liability and business income coverage into one convenient policy.
Essential Business Insurance Coverage Options
Among the most popular business policies is a Business Owner’s Policy (BOP). A BOP generally includes business property, general liability and business income coverages in one policy. Combining these coverages can help save money on business insurance and it’s convenient.
Insurance helps protect from the cost of bodily injury or property damage claims against your business. For example, a customer may make a claim against your business if he is injured in your store. General liability can help cover you against the costs of the claim and potential defense costs.
It also helps protect your business from the costs of errors in your advertising. Business personal property insurance helps protect your business’s buildings and personal property. This might include furniture, tools, equipment and inventory. Business income insurance helps replace lost income if you close temporarily due to a covered loss like theft or property damage from a fire. It can also help you continue paying expenses while your property is replaced or repaired. Professional liability insurance helps cover costs related to claims that your business made errors in providing its services.
For example, if you make a clerical error and it causes a client to lose thousands of dollars, professional liability insurance can help cover the costs if the client makes a claim. A business doesn’t need to do anything wrong to be sued. Depending on the scenario, coverage would apply to defend a business if sued. Workers’ compensation insurance helps cover costs to employees while they are unable to work after suffering a work-related injury or illness. Workers’ comp from The Hartford also provides programs to help employees prepare to return to work after their absence. And, if a worker’s family decides to sue your business, Workers’ comp can also help cover the legal fees. A commercial auto policy helps protect your business from the costs of a work-related auto accident. If you or an employee is in an accident while driving for business reasons, commercial auto can help cover the costs that results from the accident. Data breach insurance helps protect your business from the costs of cyber threats or attacks.
If your business is attacked, coverage from The Hartford can help cover the costs: to find the source of the breach and mitigate the damage; of communicating to those affected within and outside the company; and for public relations to manage your company’s reputation through the crisis.
Our data breach insurance policy even includes access to services that teach you best practices that help prevent breaches from happening. Commercial umbrella insurance acts as a safety net that provides additional coverage when other liability policies reach their limits. For example, say a customer slips and injures himself in your store. He then makes a claim against your business for $200,000. If your general liability policy has a limit of $150,000, commercial umbrella insurance would help cover the remaining $50,000.
Businesses find this coverage is essential for helping protect against financially devastating lawsuits and claims. Commercial flood insurance helps protect your business from the costs of covered flood damage. This includes damage to physical location of your business as well as its assets. For example, say melting snow floods the basement of your business. The floodwater damages the floor and some tools.
If this happens, commercial flood can help cover the cost to repair the damaged floor and tools. Employment practices liability (EPL) helps protect your business if an employee sues you. Even if you are not at fault, defending a lawsuit can be costly. Employees may make a claim against your business for reasons such as discrimination, harassment or wrongful termination. If they do, EPL can help cover the related costs. Risk engineering services from The Hartford help mid- and large-size businesses with loss control solutions designed to create a safer work environment.
Risk engineering professionals evaluate your business’s risk exposures and then create improvement plans, and programs to train you and your staff to safely handle accidents and follow safety protocols. This can result in a safer, more productive and profitable business. Multinational insurance can help streamline coverages if your business has operations outside the U.S. This coverage from The Hartford creates a single point of contact for all your business insurance needs. Our Multinational Insurance policy offers coverage in over 150 countries. Surety & fidelity bonds – A surety bond is a contract between three p