Corey Dargan: Hi! I am Corey with Wells Fargo and Company. Today we're learning about the many types of insurances that are available to safeguard your business from financial harm.
Most businesses need property, liability, worker's compensation and commercial auto insurance. But depending on your business other important types of insurances are available to protect your business and keep it moving forward if an unexpected event occurs.
If your company performs professional services consider getting Professional Liability Insurances. This coverage which is also referred to as Errors and Omissions coverage protects your business against damages that may arise from claims of negligence and wrongdoing. Directors and Officers Liability Insurance can be important coverage to protect the company from losses due to legal judgments and related defenses expenses at allegations of lawful acts that made against the companies directors or officers.
Employment practices liability insurance is coverage that protects employers from employment-related claims made by current, potential or former employees. Many businesses also have Umbrella Liability Insurance. This type of policy can cover injury claims that are not covered by your other business and auto liability policies. As well as provide additional coverage above the auto and business policy coverage limits.
If your transport products, an Inland Marine Insurance policy coverage goods and transit, or property being transported.
Money and Securities Insurance provides coverage against lost by Theft, disappearance, or Destruction of money and securities at the business location at the bank or while in the custody of messenger.
Another type of coverage is Valuable Papers Insurance which refers to records, books, deeds, drawings, films, manuscript, maps or almost any printed or written document except money and securities.
Since there is so much to state, talk with an experienced business insurance agent to make sure you have the basic coverage needs met and remember to review your policies annually to make sure coverage is keeping pace with your business.