Issuu on Google+

Different Types Of Insurance For Businesses



Businesses, whether big or small, deal with risks every day. Insurance is an essential requirement to managing these risks. It is even more crucial for small businesses because in case of an accident, the resultant costs could easily put them out of business. If you own a small business, or planning on putting one up, having the ideal insurance products will help ensure your business's sustainability and future success. Insurance products needed vary from business to business. Some insurance products are highly suggested, if not required. In the following paragraphs are several forms of insurance to take into consideration. General liability insurance All companies, even cottage industries, must have liability insurance. This insurance variant is also called business liability insurance and it provides protection to your company in the event of a physical injury to somebody or damage to an individual's property that occurs on your premises or due to business operations. For example, if a customer slipped while in your company's premises, or if you accidentally smashed an expensive antique at your client’s home, this policy will provide a reimbursement for the cost of medical treatment and the damaged property. It will also protect your business against lawsuits irrespective of fault. Obtain a general liability insurance quote by following this link.



Worker’s compensation This kind of insurance gives wage replacement and medical benefits to your employees if they are hurt while on the job. In exchange of these benefits, the personnel gives up his rights to file a lawsuit against you for the accident. Keep in mind though that employees can still file a case against you if his injury is because of your deliberate or bad behaviour. Laws concerning worker’s compensation differ from state to state, but typically, it is required if you have W-2 workers. Failure to comply with state laws can result to stiff fines. Property insurance If you own your building or have costly business equipment and inventories, you should think about buying a policy that will protect you against fire, vandalism, theft, smoke damage, flood, earthquakes and other calamities. You will want insurance for business interruption too to safeguard your income when there are disruptions in your operations. Commercial vehicle insurance If you own a company vehicle, you must have it insured to protect it, and the employees, products, and equipment it carries. If you don’t own a company vehicle but your employees operate their own vehicles on company business, you must buy non-owned auto liability if your employee doesn’t own insurance or is has inadequate insurance.



Insurance Variants That Every Business Should Get