Business insurance is designed to protect your business from these unforeseen risks. Let's explore the coverages included in business insurance and the additional options available for coverage.
Businesses typically enroll in a Business Owners Policy (BOP), which is a package policy combining liability and property insurance. A BOP essentially includes not only the necessary liability and property insurance for business operations but also many additional coverages. In terms of premiums, it is much more competitive than subscribing to coverages separately. Let's review the main coverages included in business insurance:
In addition to the main coverages mentioned above, many additional coverages are included in business insurance. It is important to note that EPL (Employment Practices Liability) and Cyber coverages are not included in business insurance. It is advisable to subscribe to these coverages separately. EPL insurance covers claims made by employees or visitors alleging unfair treatment such as discrimination against the business. With the increasing reliance on digital systems and online sales, the incidence of data breaches and cyber attacks is also rising, and such incidents are covered only by Cyber insurance.