What are the different types of P&C coverage?
- Workers’ Compensation
- Business Owner’s Policy (BOP)
- Commercial Auto
- Excess Insurance
- Umbrella Policy
- State Disability
Different types of P&C coverage
Insurance covering the cost of medical care and compensation for lost income to employees who suffer an occupational disease or injury while at work. Each state has different workers’ compensation laws and requirements.
Business Owner’s Policy (BOP)
Bundles property and general liability coverage into a single policy. It enables you to purchase a broad range of coverage at a cost that is typically lower than if you purchased each form of coverage separately. BOP coverage can be tailored to particular business needs.
Includes liability and physical damage insurance that covers vehicles owned by
your company – and includes coverage for you in the event your employees use their
personal vehicles on company business.
Provides additional financial coverage for liability claims beyond the limits of a specified limit.
If purchased, check with an insurance professional that all the underlying liability limits are adequate.
Provides additional financial coverage for liability claims beyond the limits of business, auto, general liability, or employer’s liability insurance policies.
Tip: An umbrella policy may be more expensive than excess insurance coverage. Make sure you speak to a licensed agent for advice.
Provides temporary cash benefits to an eligible wage earner disabled by illness or injury that occurs outside of work, or because the wage earner becomes disabled due to pregnancy. For example, if you are a New York-based employer, you are required to provide disability benefits to all eligible employees. Disability benefits include cash payments only – employers and insurance carriers are not responsible for medical care.
Some additional coverage options include:
- Errors and Omissions
- Directors and Officers
- Product Liability
- Commercial Property
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