Commercial Insurance Policy and Coverage Types

• Commercial Auto Insurance: Commercial Auto Insurance protects vehicles used for business purposes, whether you operate a single car or an entire fleet. It covers liability for at-fault accidents, physical damage to your vehicles, medical payments, and optional protections like hired & non-owned auto or uninsured motorist. Businesses rely on commercial auto policies to safeguard drivers, cargo, and company-owned vehicles from the financial impact of collisions, lawsuits, and roadside accidents.
  
• General Liability: General Liability Insurance protects your business from claims involving bodily injury, property damage, and personal or advertising injury. If someone is hurt on your premises, your product causes harm, or your business faces a claim of libel or slander, GL helps cover legal defense costs, settlements, and medical expenses. It serves as the foundation of most business insurance programs because it addresses the most common risks faced by companies of all sizes.
  
• Workers Compensation: Workers’ Compensation Insurance provides medical, wage replacement, and rehabilitation benefits to employees who are injured or become ill due to their job. It covers expenses such as emergency treatment, ongoing medical care, lost wages, disability benefits, and employer liability for workplace injuries. In most states, including North Carolina, Workers’ Comp is required for businesses with employees. This coverage protects both the employee and the employer by ensuring injured workers receive proper care while shielding the business from costly lawsuits.
  
• Property Insurance: Commercial Property Insurance protects the physical assets your business depends on, including buildings, equipment, inventory, furniture, tools, and supplies. It covers losses from fire, theft, storms, vandalism, and other covered events. Many policies also include business interruption coverage, which helps replace lost income and operating expenses if you must temporarily close after a covered loss. Whether you own, rent, or lease your space, property insurance is essential for keeping your business running after unexpected damage.
• Employment Practices Liability Insurance: EPLI protects businesses from claims related to employment-related issues such as wrongful termination, discrimination, harassment, retaliation, and failure to promote. These claims can come from current employees, former employees, or even applicants. EPLI helps cover legal defense costs, settlements, and court judgments. With workplace lawsuits increasing nationwide, EPLI is a critical safeguard for companies looking to reduce HR-related legal exposure.
• Directors and Officers Liability Insurance: D&O Liability Insurance protects the personal assets of your company’s directors and officers, and the business itself, when leaders are accused of misconduct in their management decisions. Claims may involve misrepresentation, breach of fiduciary duty, mismanagement, failure to comply with regulations, or errors in corporate governance. D&O helps cover defense costs, settlements, and regulatory actions, ensuring your leadership team can make decisions without risking personal financial harm.
• Commercial Umbrella / Excess Liability: Commercial Umbrella Insurance provides an extra layer of liability protection above and beyond your primary policies, such as General Liability, Commercial Auto, and Employers Liability (the liability portion of Workers’ Comp). If a lawsuit or claim exceeds the limits of your underlying coverage, an umbrella policy steps in to extend those limits, often by an additional $1 million to $10+ million. This helps protect your business against large claims, catastrophic accidents, and high-dollar lawsuits that could otherwise threaten your company’s financial stability
• Professional Liability: Protects businesses and professionals against claims of negligence, mistakes, or failure to deliver services as promised. It covers the legal costs and damages related to services you provide, especially in cases where clients allege that your professional advice or services caused them financial harm.
  
• Cyber Liability: Protects businesses from the financial consequences of cyberattacks, data breaches, and other internet-related risks. As businesses increasingly rely on digital platforms to operate, they become more vulnerable to cyber threats like hacking, data theft, and ransomware. Cyber liability insurance helps mitigate the damage from these risks by covering expenses related to a cyberattack or data breach.