The type of business insured determines who can be covered under the policy. For instance, if you own a business as a sole proprietorship, then you and your spouse may be named insureds under the policy. If your business is a corporation, then you and others can be named insureds, as well as executive officers, directors, and stockholders. However, any parties insured are covered for liability claims and damages related to activities or services performed for the business, not for personal liability.