Insurance exists for the purpose of protecting persons and organizations from the adverse financial consequences of certain unpredictable events, regardless of the coverage line being considered. For general liability insurance, the unpredictable event that constitutes the subject of the insurance is a claim of legal liability arising out of a company’s operations, premises, products, and completed work.

Umbrella liability insurance and excess liability insurance are two forms of secondary coverage—that is, they both sit above one or more underlying liability policies and do not attach until the underlying policy’s limit of insurance has been exhausted.

The Commercial Auto policy will pay “sums” for which the insured is legally liable because of bodily injury or property damage to which the insurance applies. Therefore, while covered bodily injury or property damage is required to trigger coverage, recovery under the policy can actually go beyond these types of damages.

Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer’s administration of its employee benefit program.

The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer’s error.

Commercial property  is the policy that an organization purchases to pay for damage to its own buildings and the personal property in them. A commercial property policy can also cover loss of income or increase in expenses that result from insured damage to buildings and their contents.

This property insurance coverage can be inherently complicated to insure. The contents usually start out in the form of raw materials. Those raw materials can also be further broken down into mini component parts that might be scattered throughout the insured property or other locations. Insuring the raw materials at their origin and then as they are transported can raise a host of property coverage issues and concerns along the way.

A business income coverage form is an extension of the commercial property type policy which funds a company’s loss of income due to a slowdown or temporary suspension of normal operations which stem from damage to its physical property. Coverage typically includes the loss of income but excludes ordinary operating expenses. 

Equipment breakdown coverage is a commercial property form of insurance that provides funds to repair or replace the listed on the policy damaged machinery or equipment that has suffered a mechanical or electrical failure.

Crime and Fidelity Insurance protects the actual money you have in the operating account and reserve accounts. Crime and Fidelity Insurance protects the money from embezzling, check fraud, invoice padding or false invoices, computer fraud and wire fraud.

Inland marine insurance today broadly includes all forms of non-ocean-going transit coverage and coverage for risks loosely associated with transportation. Insurance products range from coverage on mail and cargo to coverage on bridges, towers, tunnels and other fixed assets. This can create confusion, as there is overlap between inland marine insurance and property insurance. To clarify what inland marine insurance includes, the NAIC set out a broadly used definition of inland marine insurance, which is personal property floaters (covering property that moves between locations).