With all the risks that come with running a small business, it’s critically important for owners and entrepreneurs to have proper insurance coverage to protect against unexpected catastrophes. There are many different forms of commercial insurance available to cover a variety of risks.

Property insurance policies

Property insurance is a category encompassing a variety of insurance policies that cover losses and damages to real or personal property. Examples of these policies include:

  • Debris removal: This covers any costs associated with clearing and removing debris after your business has been damaged by a flood, fire, tornado or other natural disaster. Before you can start rebuilding and repairing your property, you must be able to remove all the debris, making this coverage extremely useful.
  • Builder’s risk: This type of insurance covers buildings during their construction. If, for example, a windstorm takes down part of a building during the construction process, those losses would be covered.
  • Boiler and machinery: Boiler and machinery insurance protects you in the event of an accidental breakdown of equipment, such as boilers and other crucial building machinery. It will cover both property damage and business interruption losses.
  • Business interruption: This type of policy covers losses you suffer because of interruptions to your businesses due to natural disasters or property damage.
  • Crime: Crime insurance covers various property crimes such as vandalism, theft, robbery and burglary of products, money and stock by customers, employees or other parties.

Other forms of insurance

Outside of the property insurance umbrella, there are numerous other forms of insurance coverage that can protect your company. The following are a few examples:

  • Liability insurance: Any damage you cause to third parties is covered under liability insurance. For example, if someone files a personal injury or premises liability claim against you, the cost of resolving and defending that claim would be covered under your policy.
  • Malpractice insurance: Also known as professional liability insurance, this type of policy protects you if your conduct falls below a certain standard of care for your profession, resulting in injuries or losses to another party.
  • Car insurance: Commercial auto insurance covers any company vehicles you have that you use specifically for business purposes.
  • Workers’ compensation insurance: This policy covers you if any of your employees suffer injuries on the job, regardless of whose fault those injury were.

These are just a few of the many forms of commercial insurance available for business owners in the U.S. Virgin Islands. For further guidance on this important, consult an experienced business law attorney.


BoltNagi is a widely respected and established business and corporate law attorney serving clients throughout the U.S. Virgin Islands.