There are many types of business insurance coverages available for every conceivable risk your business might face. Cost and the amount of coverage of policies may vary among insurers. You should discuss your specific business risks and the types of business insurance available with your insurance agent or broker. Your agency or the insurance company can advise you on the exact types of business insurance you should consider purchasing for your business.

The following are the different types of Business Insurance policies in terms of coverage and expand:

1. Property Insurance: This type of insurance focuses more on the assets and the buildings that are to be protected from damage and loss. It can also insure the property of others that is in your control, when the loss occurs. It insures against loss or damage to the location of the business and this location can be owned, leased or rented.
2. General Liability Insurance: General liability insurance is used to cover loss that is occurred due to an accident or an injury. It protects your business when the business is sued for negligence. It also covers financial loss and malpractice.
3. Workers Compensation Insurance: The worker’s compensation policy provides coverage for lost income and medical expenses for employee work-related illness or injuries. Payment rates, policy amounts and employee type are regulated by the state’s government as workers compensation may vary depending on every state.
4. Business Interruption Insurance: This type of insurance covers loss and damage to the cash flow and profit of the business if a business cannot operate, or must temporarily move out of its location, due to an event like a fire.
5. Product Liability Insurance: Companies are liable for customer’s safety if they manufacture, wholesale, distribute and retail a product. Product liability insurance protects against financial loss which the customer is bearing due to the usage of defective product that caused a bodily injury. Depending on the products you sell or manufacture, the amount of insurance that is to be purchased is calculated.
6. Professional Liability Insurance: This type of liability coverage protects your business against malpractice, errors, and negligence in provision of services to your customers.

The above are the various types of business insurances.