Business Insurance

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What Is Business Insurance?

Business insurance helps protect businesses from financial losses caused by risks to their property and income. Covered risks can include things like theft, damage, and lawsuits. Insurance for businesses, also known as commercial insurance, can even cover injured workers’ lost wages and provide access to programs to help them get back to work. Commercial insurance policies also help protect businesses from financial losses resulting from liability claims.

Do You Need Business Insurance?

Get a free Business Insurance quote from The HartfordYou may ask yourself, "Why do I need business insurance?"
Businesses need business insurance for many reasons. One reason is that in the U.S., most states require certain coverages in order for a business to operate there. This usually includes workers' compensation insurance, unemployment insurance and disability insurance. Insurance for business can also help cover the costs of legal claims made against a business.
Without liability insurance, a business that has to pay the costs of a claim or lawsuit out-of-pocket may not have the financial means to survive. Insurance for business can also protect businesses from the financial risks of property loss. The costs of repairing or replacing physical property after fire, theft, vandalism and more could be devastating without a commercial property insurance policy helping cover the costs. Without insurance, companies that incur costs as a result of common business exposures like: property damage; legal claims by third parties; and work-related employee illness and injury, may not be able to afford to stay in business.

What Business Insurance Do I Need?

Most businesses need at least commercial insurance, general liability and business income coverage to help protect their company’s property, income and financial assets. For small businesses, a business owner’s policy can provide all three coverages in a single policy.
  • Commercial property insurance – Most businesses own a substantial amount of physical property. This property may include one or multiple locations as well as tools, computers, inventory and even accounts receivable. Commercial property insurance can help cover the loss of these assets if they are damaged or destroyed by a covered event.
  • General liability insurance – No matter how cautious business owners are, accidents can happen. For example, a customer may accidentally get hurt in a company’s store, or employees may accidentally damage customer property while working on-site. Liability insurance can help protect businesses from the risk of liability claims such as bodily injury, property damage or even advertising mistakes.
  • Business income insurance – Businesses rely on many types of property to function and generate income. If a business owner must suspend operations due to a covered loss like a fire or theft, business income insurance can help replace income lost as a result. This can help them continue to meet obligations like payroll and rent.
Depending on your industry and the nature of your operation, you can customize coverage to help address unique risks by choosing from a broad variety of additional commercial coverages. Beyond the standard coverages, The Hartford also offers many other types of insurance for businesses – each designed to help protect businesses against a specific exposure they face.
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Types of Business Insurance

The types of business insurance coverages that most businesses start with include general liability (GL), commercial property, and business income insurance. Workers’ compensation insurance is usually needed if you have employees. General liability helps cover the costs if your business is responsible for damages to a third party, property insurance helps cover costs of damage to your premises and other physical assets. Business income insurance helps replace lost income if your business is forced to shut down due to a covered loss and Workers’ Comp helps cover employees who suffer a work related injury or illness.
Your business is unique and deserves an insurance solution appropriate to the specific risks you face. That’s why The Hartford offers a wide range of commercial insurance coverages so you can customize your insurance with the right combination of policies and endorsements to address your unique needs. Some popular coverages include:
  • Data breach insurance – Most businesses are at risk of data breaches. Data breach coverage can help cover the costs of responding to and managing a data breach. With data breach coverage from The Hartford, businesses can even access support services to assist them in creating policies and best practices that help prevent breaches from happening in the first place.
  • Workers' compensation insurance – In the event that an employee suffers from a workplace injury or illness, workers’ compensation insurance from The Hartford can help pay for the associated medical expenses as well as compensate the employee for lost wages while they are recovering from a work related injury or illness. If you have employees, many states require this coverage.

Trusted Experience

For more than 200 years The Hartford has helped companies prevail through the unexpected. Today, we are considered one of the most trusted names in insurance. The Hartford has been recognized as a World’s Most Ethical Company® 11 times by The Ethisphere Institute.1 Get a business insurance quote today and learn how The Hartford can help protect your businesses.

More Answers to Frequently Asked Business Insurance Questions

Additional disclosures below.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.