Insurance Coverage Every Business Should Consider


There are many different types of insurance to cover general and specific areas of risk a business might face. Some types of insurance may be required by the state the business operates in and others may be required by mortgage holders, landlords, or vendors. Here are some of the types of insurance that most businesses should consider.

Commercial Property Insurance – covers business real property and assets against damages and losses due to fire, theft, some weather-related events, and unavoidable circumstances. Landlords may require proof of commercial property coverage from business tenants and lenders typically require it for the life of the mortgage on a business building.

Workers’ Compensation – protects employees and employers from liabilities associated with workplace injury and death. Most states require this coverage.

Employment Practice Liability Insurance (EPLI) – covers an employer’s legal costs of defending a lawsuit in court against claims by workers that their legal rights as employees of the company have been violated. Claims could include wage and hour disputes and allegations of discrimination, harassment, retaliation, unlawful termination, and mismanagement of employee benefit plans.

Cyber Liability – is a type of business liability insurance that protects your business against cyber security risks and data breaches, whether your business is the victim of a data breach, social engineering, ransomware, or phishing attack. It can help restore employee and customer identities, recover compromised data, and repair damaged computers and networks.

Crime Insurance – covers crime-related losses not typically covered by commercial property insurance. Losses could be the result of employee or vendor theft, forgery, asset misappropriation, and computer or funds transfer fraud.

Directors and Officers Liability Insurance – provides financial protection in the form of defense costs and financial losses for directors, officers, and managers in the event of a lawsuit against them. It can help directors and owners make important decisions for the business while not having to worry about personal legal ramifications.

Employee Health Insurance Policy – is a benefit for employees that also helps companies to attract and retain talent. The coverage, often bought as a group health insurance policy, helps employees to cover medical costs.

Professional Liability Insurance – can protect against legal claims of negligence, mistakes, and errors committed and is helpful for businesses that provide professional services and operate in high-risk industries. This insurance is also called Errors and Omissions Insurance.

In addition to these coverages, there are special insurance policies tailored to the specific needs of businesses of various sizes and industries including medical, marine, educational, manufacturing, and transportation.

To learn more about business property insurance and casualty insurance available through Enterprise Insurance Services* we invite you to contact us at 978-656-5594 or 877-671-2265.

*All insurance policies offered by Enterprise Insurance Services are placed through our partner, HUB International NE, LLC.

Investment and insurance products are not a deposit, not guaranteed by Enterprise Bank, are not FDIC Insured, not Insured by any government agency, and may lose value.

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