LoopyLuci Business Insurance Guide
Navigating business insurance — from general liability and professional liability through workers' comp, property insurance, cyber insurance, and claims management.
When to Use
- Evaluating insurance needs for a new business
- Reviewing existing coverage for gaps
- Understanding policy types and terminology
- Filing and managing insurance claims
Insurance Types
INSURANCE_TYPES = {
'general_liability': 'Covers third-party bodily injury, property damage, advertising injury',
'professional_liability': 'Errors and omissions (E&O) — professional mistakes/negligence',
'workers_comp': 'Employee injury/illness — required in most states',
'property': 'Physical assets — office, equipment, inventory',
'cyber': 'Data breaches, ransomware, privacy lawsuits, notification costs',
'business_interruption': 'Lost income when operations are disrupted',
'dando': 'Directors and officers — protects leadership from decisions',
}
def estimate_coverage(revenue: float, industry: str, employees: int) -> Dict:
rates = {'tech': 0.005, 'healthcare': 0.015, 'construction': 0.025, 'retail': 0.008, 'consulting': 0.004}
rate = rates.get(industry, 0.01)
return {'general_liability': round(revenue * rate, 2), 'workers_comp': round(employees * 1200, 2)}
Verification Checklist
- General liability in place ($1M+ coverage)
- Professional liability/E&O for service businesses
- Workers' comp if employees (check state requirements)
- Cyber insurance if handling customer data
- Property insurance for physical assets
- Policies reviewed annually
- Claims process documented