There are many types of commercial casualty (liability) insurance. Here are some of the most commonly purchased casualty policies.
- General Liability
Coverage for businesses due to losses from claims or suits by customers, clients, and other third parties for bodily injury, property damage, or personal and advertising injury.
- Errors and Omissions / Professional Liability
Coverage for any business that performs a service or provides advice in exchange for a fee. An example is medical professional liability insurance or accountants E&O insurance.
- Management Liability
Coverage for the risks of managing a business. Coverage includes Directors and Officers liability, employment practices liability, and fiduciary liability.
- Cyber Liability
Coverage for a data breach in which the customers’ personal information, such as Social Security or credit card, is stolen from the business’ electronic network.
- Workers’ Compensation
Coverage for providing wage replacement and medical benefits to employees injured in the course of their employment in exchange for the employee’s gives up the right to sue their employer for negligence. Worker’ compensation is required in most states.
- Employers’ Liability
Coverage for the employer if the employee or ex-employee sues for illness or injury. This coverage is usually included with workers’ compensation coverage.
- Commercial Auto Liability
Coverage for property damage or bodily injury you or your employee cause. It can also help cover accident-related legal expenses.
- Excess Liability
Coverage for losses in excess of an underlying casualty policy. The excess liability policy is often a commercial umbrella policy; its sole purpose is to provide additional limits of insurance. Excess liability limits are typically $2,000,000 to $10,000,000.