General Liability Insurance. This insurance covers your business against claims for bodily injury and property damage. When adding property coverage to a General Liability policy or GL policy, this is often referred to as a Business Owner Policy or BOP insurance. There are many facets to BOP insurance. General Liability protects your small business from injury or damage caused by your employees or injury to 3rd parties while on your premises. Often a BOP will include products and completed operations liability insurance which helps to protect from injury or damage done by your products or completed operations once they are out of your control.
Commercial Auto Insurance. As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for your personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects.
Workers Compensation Insurance. Workers Comp covers the medical and lost wage costs (similar to disability) when an employee suffers a work-related injury or illness while at work. There is also another part of Workers Comp that doesn’t come up often in discussion which is Employers Liability Insurance. Workers Comp is generally required and mandatory in most states if your business has any employees. Depending on what state you start your appliance store business in you might be required by law to carry Workers Comp insurance even if you have only one employee.
Professional Liability Insurance. Professional Liability insurance is also referred to as Errors and Omissions insurance or E&O insurance. This insurance provides coverage in the event that a business is held legally liable for damages which are caused by your negligence or improper advice.
Common Insurance claims:
General Liability Insurance claims- One day a customer, visitor or a vendor is in your office for a visit. The night before, your cleaning crew left a slippery floor forgetting to use non-skid wax. The customer or vendor, while walking around your premises, suddenly trips and falls. They become severely injured and are rushed to the emergency room. General Liability Insurance can protect you and your business by paying for legal defense if the customer or vendor decided to bring a lawsuit against you for their injuries.
Property Insurance claim- One night your circuit breaker malfunctions and starts an electrical fire. The fire spreads throughout your location burning your business’s possessions and the building itself. Property Insurance covers you for these damages. Property insurance will typically cover not only the cost to replace your damaged content but also the cost to clean the debris from the location.