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Business Insurance Coverage Basics

The majority of businesses need to buy at least four types of insurance: property, liability, business auto and workers’ compensation. 

Business Coverage Optional Specialty Coverages

Visit Business Insurance 101 to learn more about business insurance coverage.

Benefit from a package policy

Many insurance companies, Mutual Benefit included, offer special package policies that combine a number of basic and specialized coverages into a convenient, single contract. Instead of buying a policy to protect your property and another to cover liability, you can choose a package policy that includes both, along with some additional coverages that most businesses need above and beyond the basics. You get a broad variety of coverage, likely at a lower cost than you would pay to buy each type of coverage separately. It also means all your coverage renews at the same time and can be billed on the same invoice, saving you time and money. Mutual Benefit’s specialty packages include:

Add more protection

Depending on your type of business, you may desire the added protection of higher limits of coverage that can be found in an umbrella policy, or specialized liability coverage not included in basic policies, such as data compromise and cyber liability coverage, or liquor liability coverage if you own a restaurant. View our specialty business insurance section to learn more.

Safety isn’t expensive; it’s priceless

Protect your business, your employees and your customers, and reduce insurance costs by actively promoting safe practices. Ask your agent about free access to Mutual Benefit’s Risk Management Library, which provides a wealth of information on everything from reducing slip and fall injuries, to proper procedures for lifting, to winter driving safety tips. See just a few of the dozens of topics available at our Safety on the Job section.

Your agent is your advocate

Your independent insurance agent has the expertise to help you select the types and levels of coverage that will give you the peace of mind you need. When you turn to an agent for guidance, and rely on the financial strength and superior claims service of an insurance company like Mutual Benefit, you can be sure you’re well-protected. That frees you to concentrate on running and growing the business you’ve built.

Mutual Benefit offers the following business coverages:

Commercial Property Insurance

Property insurance compensates you for loss or damage to your business’ property in the event of such things as fire or theft. It covers not only buildings, but also “business personal property,” such as the furnishings, computers, or inventory that are important to your operation. It can even provide money for you to continue to keep your business running while you are recovering from a loss. Commercial Property coverage can be purchased as a stand-alone policy or as part of a package policy. Ask your agent how you can broaden your coverage and increase coverage limits for a nominal fee with Mutual Benefit’s Commercial Property Max.

Commercial General Liability Insurance

Liability insurance protects you in the event of a lawsuit. If someone claims that your business products or practices harmed them, and you are found liable, this type of insurance pays (based on coverages purchased) for the liability damages up to policy limits, as well as the cost of your legal defense. It also pays the medical bills of anyone injured by your business. It is available as a stand-alone product or as part of a package policy. Ask your agent about Mutual Benefit’s Commercial General Liability Max, which broadens liability coverage and increases coverage limits for a nominal fee.

Business Auto Insurance

This covers the vehicles owned/used to run your business, whether it’s a single pick-up truck or a fleet of service vans. (If you use a personal vehicle for business reasons, keep in mind that personal auto insurance excludes coverage if a vehicle is used mainly for business.) Business auto insurance covers bodily injury or property damage that results from an accident caused by one of your business vehicles. Ask your agent how you can boost coverage with Mutual Benefit’s Auto Max. For a nominal fee, Auto Max gives you added overage including auto lease guard/loan guard protection, which changes the limit of insurance in the event of a total loss so that the amount you may still owe on the lease or loan contract is covered.

Workers’ Compensation Insurance

Workers’ compensation protects a business owner from claims by employees who experience a work-related injury or illness. It covers the employee’s medical expense, rehabilitation costs, and at least part of their lost wages.

Mutual Benefit offers two workers’ compensation options. Both products provide workers’ compensation coverage and employer’s liability coverage. Our Select Risk policy offers more competitive rates for those who meet preferred qualifications. Both products provide variable dividend programs, which may put money back in your pocket at the end of a policy period. You’ll also receive the services of our Mutual Care Program, a managed care approach to assisting injured employees. Contact your agent to determine if you are eligible for the Select Risk policy.

Commercial Inland Marine Insurance

You may look at the name of this type of coverage and dismiss it because your business has nothing to do with boats and water. Don’t make that mistake. If you have a business where you frequently move goods or equipment from one place to another, or if you clean, repair, or service things like clothing, jewelry, or instruments and have other people’s possessions left in your care or control, inland marine coverage could be a lifesaver for you.

The name “inland marine” comes from the fact that this insurance was first developed centuries ago to cover goods transported over water like rivers and canals. Today, inland marine insurance still covers goods that are being moved…now via roadways, railways, and airways.

Inland marine insurance is a form of property insurance, but it covers some varied and unique scenarios. For example, many property policies limit coverage to your business’ premises, or to areas within just a few feet of those premises. What happens if equipment, tools, or blueprints are lost or damaged in transit from your headquarters to a job site, or while they are sitting in a truck or at another work location? Ask your agent which types of inland marine coverage could be most beneficial for your business. Various crime coverages are provided within Mutual Benefit’s Max program, or can be purchased separately with a package policy.

Commercial Crime Coverage

This coverage protects you from the theft or burglary of your business property or money by thieves from outside, and dishonest employees inside. It also provides coverage for such things as forgery and some types of fraud and extortion. Mutual Benefit’s Max programs include some crime coverages.

Garage Coverage

Designed for the specific needs of auto repair garages and auto body shops, Mutual Benefit combines into one policy both garage owner’s liability coverage and garagekeepers coverage, which pays for physical damages to customers’ vehicles while they are in the care of the garage/body shop.

Commercial Umbrella Coverage

Liability limits of the general liability or business automobile liability policies may not be sufficient to satisfy your needs or meet contractual requirements. For example, there is always a chance your business vehicles may be involved in a mishap with multiple other vehicles, or in an accident that results in serious injuries.

For a nominal fee, you can add an additional layer of coverage by purchasing an umbrella policy, coverage that could save your business. Umbrella coverage kicks in when the cost of a loss is higher than the limits of your basic policy. For example, suppose you have a $1 million liability limit on your general liability policy, and you are successfully sued for $1.3 million. Your umbrella policy would pick up the $300,000 that would otherwise have had to come out of your business profits or savings. Mutual Benefit offers umbrella coverage to customers who carry their liability policy with Mutual Benefit.

Contact an independent insurance agent for more information and guidance on what specific business insurance coverage your company needs.

Coverage/product information provided on this Web site is not an insurance policy or a supplement to any policy. This information is intended to provide a general description of products typically available through Mutual Benefit Insurance Company and Select Risk Mutual Insurance Company. The actual coverage provided is governed exclusively by the language contained within the insurance policy issued to you.


“First time having to use
Mutual Benefit for a claim
and was very happy with
everyone involved.
Would strongly recommend
to friends. Good coverage.

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