Other Coverages

Professional Liability Insurance

Professionals who operate their own business need professional liability insurance in addition to an in-home business or businessowners policy. This protects them against financial losses from lawsuits filed against them by their clients.

Commercial Auto Insurance

As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car you use for personal travel -- liability, collision and comprehensive, medical payments and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them, and whether employees are likely to be driving their own cars for your business.

While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.

Employment Practices Liability Insurance (EPLI)

EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.

The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. EPLI provides protection against many kinds of employee lawsuits, including claims of sexual harassment, discrimination, wrongful termination, breach of employment, etc.