What are the top 10 most common types of business insurance globally?

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The top 10 most common types of business insurance globally are:

1. Property insurance: Covers damage or loss to physical assets such as buildings, equipment, and inventory due to fire, theft, vandalism, or other covered perils.

2. General liability insurance: Provides coverage for third-party claims of bodily injury, property damage, or advertising injury resulting from your business operations, products, or services.

3. Business interruption insurance: Offers coverage for financial losses resulting from a business being unable to operate due to a covered peril, such as a fire or natural disaster.

4. Workers’ compensation insurance: Provides coverage for medical expenses and lost wages in the event of work-related injuries or illnesses suffered by employees.

5. Professional liability insurance: Also known as errors and omissions (E&O) insurance, it covers professionals (e.g., doctors, lawyers, consultants) against claims of negligence or inadequate work.

6. Commercial auto insurance: Covers vehicles used for business purposes against damage, theft, liability, bodily injury, or property damage caused by accidents.

7. Directors and officers (D&O) insurance: Protects company directors and officers from liability claims arising from their decisions and actions related to their managerial roles.

8. Cyber liability insurance: Provides coverage for financial losses resulting from cyberattacks, data breaches, or other cyber-related incidents that compromise sensitive customer information.

9. Product liability insurance: Guards businesses against liability claims arising from defective or harmful products that cause bodily injury or property damage.

10. Employment practices liability insurance (EPLI): Offers protection against employment-related claims such as wrongful termination, discrimination, harassment, or violation of employment laws.

It’s important to note that the popularity and availability of these types of insurance may vary across countries and industries.

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