Business Insurance is a type of insurance coverage that as a business owner protects your business against financial losses resulting from various risks and liabilities. It provides coverage for property damage, liability claims, business interruption, professional errors, and other potential losses that may occur in the course of running a business.
Sanford, Bruker & Banks has a strong commitment to professionalism and integrity when working with other businesses. Our agents love learning about your business and then applying that knowledge to find an insurance plan that fits your needs. We will work to analyze your risks, evaluate your coverage, research the marketplace, and provide you with the right insurance solution. We continue to expand our capabilities with additional markets through the carriers we represent. We can provide coverage for most types of businesses.
Types of Business Insurance
General Liability Insurance: is a fundamental business insurance policy that provides financial protection against third-party claims for bodily injury, property damage, and personal injury arising from a business’s operations, products, or premises. It helps cover legal expenses, settlements, and judgments, allowing businesses to operate with confidence and mitigating potential financial risks from lawsuits and liability claims.
Professional Liability Insurance: is a specialized insurance policy designed to protect professionals and businesses from claims arising due to errors, mistakes, or negligence in their professional services or advice. It provides financial protection against lawsuits and covers legal expenses, settlements, or judgments, helping professionals maintain their reputation and financial stability in the face of professional liability claims.
- Cyber Liability Coverage: is an insurance policy that offers protection to businesses from financial losses and liabilities resulting from cyber-related incidents, such as data breaches, hacking, ransomware attacks, and other cybercrimes. It helps cover costs associated with notifying affected parties, investigating the breach, managing public relations, and potential legal claims, as well as providing support for data recovery and business interruption expenses.
- Directors & Officers (D&O) Coverage: is an insurance policy that provides financial protection to the directors and officers of a company in the event of lawsuits or claims brought against them for alleged wrongful acts while performing their duties. It covers defense costs, settlements, and judgments, safeguarding the personal assets of directors and officers and helping attract and retain qualified individuals in executive positions.
- Errors & Omissions (E&O) Coverage: also known as Professional Liability Insurance, is a specialized insurance policy that protects businesses and professionals from claims arising due to alleged mistakes, errors, or omissions in the services they provide. It covers legal expenses, settlements, and judgments, offering financial security and peace of mind to businesses and professionals who face potential lawsuits related to their professional activities.
- Employment Practices Liability (EPLI) Coverage: is an insurance policy that protects businesses from financial losses resulting from claims related to employment practices, such as discrimination, harassment, wrongful termination, or other workplace-related issues. It provides coverage for legal defense costs, settlements, and judgments, helping businesses navigate the complexities of employment-related lawsuits and safeguarding their financial stability and reputation.
Pollution Liability Coverage: is an insurance policy that provides financial protection to businesses and individuals against liabilities arising from pollution-related incidents, such as environmental contamination, hazardous waste disposal, or accidental releases of pollutants. It helps cover costs associated with cleanup, legal defense, and damages, ensuring that those responsible for pollution incidents can manage potential financial consequences and comply with environmental regulations.
Business Property Insurance: is a type of insurance policy that provides coverage for physical assets owned by a business, including buildings, equipment, inventory, and other property. It protects against a wide range of perils, such as fire, theft, vandalism, and natural disasters, ensuring that businesses can recover and rebuild after covered events and continue their operations with minimal financial disruption.
Home-Based Business Insurance (if you have a home office): is a specialized insurance policy designed to provide coverage for businesses operated from a person’s home, particularly when they have a home office. It offers protection beyond standard homeowners’ insurance, addressing the unique risks faced by home-based businesses, including liability coverage for clients or customers visiting the home office and coverage for business equipment and inventory within the residence.
Product Liability Insurance: is a type of insurance coverage that protects manufacturers, distributors, and retailers from financial losses resulting from claims of bodily injury or property damage caused by their products. It provides coverage for legal defense costs, settlements, and judgments, ensuring that businesses can handle potential product-related lawsuits and maintain their financial stability and reputation in the marketplace.
Business Auto Insurance: is a policy designed to provide coverage for vehicles used for business purposes, such as company-owned vehicles, employee-owned vehicles used for business tasks, or hired/rented vehicles. It offers protection against property damage, bodily injury, and other liabilities resulting from accidents or incidents involving the covered vehicles, helping businesses manage the financial risks associated with their commercial vehicle operations.
Business Interruption Insurance: is a type of insurance policy that helps businesses recover lost income and cover ongoing expenses during a period of interruption caused by a covered event, such as a natural disaster, fire, or other incidents. It provides financial support to ensure business continuity and helps businesses stay afloat while they rebuild and resume normal operations after a disruptive event.
Crime Insurance: is a specialized policy that provides coverage against financial losses resulting from criminal acts committed by employees or external parties within a business. It includes protection for theft, embezzlement, forgery, fraud, and other crimes, offering businesses financial security and peace of mind in case of criminal activities affecting their assets and operations.
Workers’ Compensation Insurance: is a mandatory insurance coverage that provides wage replacement and medical benefits to employees who suffer work-related injuries or illnesses. It helps protect both employees and employers by ensuring that injured or sick workers receive necessary medical care and compensation for lost wages, while also protecting businesses from potential lawsuits resulting from workplace injuries.