Business insurance is comprised of multiple coverage types that guard against various perils and protect you and your employees’ livelihoods. To help you understand what's available, Cundiff & Company Insurance in Somerset, KY, discusses some of the most common types of business coverage below. This information should help you design a policy that offers the protection your business needs.

5 Types of Business Insurance

1. General Liability

If you or one of your employees accidentally injures someone or damages their property, general liability coverage pays for repairs or necessary medical treatments. It also covers the cost of legal fees to defend a lawsuit if one should arise out of the incident.

2. Property Coverage

Commercial building coverage pays for damages to the structure of your building caused by named perils, including fire, storms, vandalism, and falling objects. Similarly, commercial property coverage protects your building's contents—such as appliances, furniture, electronics, and business equipment—against damage and theft. Most policies exclude coverage for earthquakes and floods, though you can purchase a rider to cover these perils for an additional amount.

3. Workers’ Compensation

If you or an employee experiences a workplace injury or illness, workers’ compensation coverage pays for medical treatments. In Kentucky, all companies with one or more employees must, by law, maintain workers’ compensation coverage.

4. Partner & Key Employee Coverage

These are both life insurance policies that protect a business against an unfortunate death. Partner coverage pays the survivors of a departed partner for the deceased's share of the business so the partnership doesn’t need to be dissolved. Key employee coverage pays a death benefit to a business that's lost an indispensable employee to enable them to find and train a replacement.

5. Professional Liability Coverage

This coverage protects professionals against liability if they are sued for a business-related mistake. It is also known as malpractice or errors and omissions coverage, and it is an essential risk management tool for medical practices, law firms, accountants, consultants, and other professional businesses.

To discuss your business insurance coverage options, contact one of the experienced insurance agents at Cundiff & Company Insurance. They've been serving businesses and individuals throughout Pulaski County for more than 40 years. Visit their website to learn more about how they protect businesses, and call (606) 679-8379 to request a quote.