Protects businesses financial losses due to unexpected events or risks associated with their operations. It typically includes coverage for Property damage, Liability claims, Business interruption, Workers' compensation and Professional errors and omissions.
Property damage refers to the physical harm or destruction of tangible assets owned by an individual or business. This can include buildings, equipment, inventory, furniture, and other physical items. In the context of business and commercial insurance, property damage typically results from unexpected events such as fire, theft, vandalism, natural disasters, or accidents.
Liability claims arise when an individual or business is held legally responsible for harm or damage caused to another party. In the context of business and commercial insurance, liability claims can involve a wide range of situations where the business is accused of causing injury, property damage, or other losses.
Business interruption claims arise when a business is forced to suspend or significantly reduce its operations due to an unexpected event, leading to a loss of income. These claims are typically covered under business interruption insurance, which is designed to help businesses recover lost revenue and cover ongoing expenses while they are unable to operate normally.
Workers' compensation claims arise when employees suffer job-related injuries or illnesses and seek compensation for medical expenses, lost wages, and other associated costs. Workers' compensation insurance is designed to provide financial support to employees who are injured or become ill due to their work while protecting employers from lawsuits related to workplace injuries.
Professional errors and omissions (E&O) claims arise when a client alleges that a business professional has made mistakes, acted negligently, or failed to perform their professional duties adequately, resulting in financial loss or harm. E&O insurance, also known as professional liability insurance, provides coverage for these claims, protecting professionals from the financial and reputational impacts of lawsuits and legal actions.
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