Commercial insurance comes in many packages which can be uniquely tailored to fit the needs of different kinds of businesses and their “loss exposures.” A loss exposure is the possibility that financial loss will occur due to damage, loss of use, or someone claiming financial damages – for example, the possibility that a fire could damage your office is a loss exposure. Generally, a commercial policy package consists of liability and property insurance. However, you may also customize your insurance package with other insurance products depending on your needs.

Some examples of other products available to businesses:

• Business income/Business interruption
• Crime
• Equipment breakdown
• Inland and Ocean Marine
• Commercial auto
• Farm
• Workers compensation
• Employers liability
• Excess/Umbrella coverage
• Professional liability
• Aircraft
• Environmental
• Surety bonds
• Earthquake endorsement
• Flood

Talk to an insurer who understands your business and your potential exposures. To find a company or agent, you might see who insures businesses similar to your own. Ask industry peers or a business trade association for recommendations.

Depending on the size and nature of your business, you might qualify for a Business Owners Policy (BOP). It is a more generic package of property and liability coverage suitable to a wide variety of smaller businesses.

Additional information: Home-based businesses | Insuring your small business

Creating A Business Inventory

Know Your Stuff® – Business Inventory is the Insurance Information Institute's online inventory software specifically designed for businesses. An up-to-date Business Inventory is an important component of disaster planning. It can help you:

• Purchase the right amount and type of insurance
• Substantiate property losses to make filing an insurance claim faster and easier

Create your business inventory now!