So…you took your inheritance from Aunt Flo and built a new start-up company with several employees. Congratulating yourself on your smarts, you bought commercial general liability insurance for your small business. But, as you sat one night working late in your new office, you started to wonder…”what exactly does commercial liability cover? and what else does my small business need?”
While you were correct, general liability insurance is a key component of your insurance portfolio, there are several other kinds of insurance your business needs. Following is a basic list of commercial insurance categories with links to the relevant application forms provided by Acord. Acord is a nonprofit insurance industry organization that supplies standard forms, which help to increase efficiency and encourage compliance. Using Directors and Officer’s Liability – Acord 807, is what it sounds like: insurance payable to the directors and officers of a company as reimbursement for losses in the event of a legal action brought for alleged wrongful acts in managerial capacity. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well.
So now you have a basic commercial insurance primer, which can be supplemented depending on the specific needs of your business. Don’t stay up nights wondering if you are adequately covered. Get started filling out Acord forms with PDFfiller and get some peace of mind for yourself!