The Many Options with Business Insurance
Business owners and managers need insurance to protect their expensive assets. They must be prepared for potential lawsuits from unsatisfied customers and employees. They become insured to save money on repair and maintenance bills that add up to tens of thousands of dollars. In general, insurance is needed to continue running any business after a major accident occurs.
Insuring a Business
Business insurance covers every risk associated with starting and operating a company. Small business owners with small assets need protection in case the business expands in the future. Corporations need insurance to protect their investments and employees.
Find more than one way to obtain this type of coverage. Decide if you want to bundle different policies into one business owner’s policy. Since many insurance packages exist, consider hiring a broker to compare rates and features based on your specific company.
Types of Coverage for Businesses
Business liability insurance protects employers whose customers or employees are injured on the premises. The employer is covered for legal fees associated with lawsuits and the costs of compensating the injured party.
Product liability insurance involves the handling of claims made about defective products. Professional liability insurance is designed to handle claims about defective or negligent services. Medical malpractice insurance is the specific term used for doctors and nurses. All types of professional, from accountants to lawyers, can protect their assets if they are sued.
Workers compensation insurance covers the employees more than the business. Employers buy this type of insurance to prevent lawsuits and protect the wellbeing of their employees. In many countries, purchasing liability or workers comp insurance is either required or highly recommended.
Business property insurance is used to cover all types of damages to the building interior and exterior. Fires, thefts, earthquakes and water damages are all covered under the plan.
Business interruption insurance is designed to recover monetary losses due to an accident or natural disaster. The costs of repairing the building and maintaining its operations temporarily are included.
Commercial auto insurance covers the business-related usage of company cars, trucks, buses and trailers. The policy covers the costs of vehicle repairs and medical bills associated with accidents.