No insurance-speak. Here's what each policy actually does, and why a business would carry it.
Covers third-party bodily injury and property damage claims. Almost every business carries this as a baseline policy.
Covers medical costs and lost wages if an employee is hurt on the job. Required by law in most states once you have employees.
Covers vehicles used for business — cars, trucks, vans — including liability and physical damage. Personal auto policies typically exclude business use.
Covers your building, equipment, and inventory against fire, theft, and other named perils.
Covers a structure under construction against fire, theft, and weather damage before it's finished and insurable under a standard property policy.
Covers equipment that travels between locations — the things that get stolen or damaged off-premises, which GL and property policies usually exclude.
Adds extra limits on top of your GL, auto, and employer's liability policies — often required for larger contracts where underlying limits aren't enough.
Bid, performance, and license bonds guarantee to a client or licensing body that you'll complete the contract or meet the requirement — often necessary to bid on larger or public work.
Covers costs from a data breach or ransomware attack — increasingly relevant as businesses manage client data and payments digitally.
Covers claims that your advice, service, or work caused a client a financial loss — relevant for any business selling expertise or services.
Covers claims arising from serving alcohol — required for most bars, restaurants, and venues that serve drinks.
Covers claims from employees related to wrongful termination, discrimination, or harassment — relevant once a team grows past a handful of people.