Business Insurance: An Overview
If you own a business then you must make sure that you have business insurance
. This type of insurance will protect your business from losses, be it valuables or even employees. In addition, you should look at an insurance plan which fits your requirements, by looking at the risks involved in your business and how this cover could help you in case some unfortunate incident takes place and could safeguard you from burning a hole in your pocket. There are several types of insurance which come under this category.General Liability Insurance
This type of business insurance will protect you from paying, in case there is a law suit or claim due to accidents, injury or negligence on part of the business. All legal costs will be covered by the insurance company except the ones related to the damages caused or as directed by the court. In case an employee gets injured while at work, they can file a suit against the business and the insurance company will pay for the legal fee incurred by the business.
Product Liability Insurance
Businesses involved in the manufacture, distribution or sale of a product are liable for the safety of the product. This type of business insurance covers claims related to injuries, harm caused to the customer by using a defective product. The coverage plan differs depending on the type of product. A cosmetics company is more at risk of being sued than a clothing manufacturer. This is also likely to happen, if the company fails to list down the ingredients used to make the product.
PropertyInsurance
Every business which has a standard building, needs to have a property insurance cover. This type of business insurance covers damage or loss to the companys property, which resulted due to fire, vandalism, wind, hail or even theft. The building, documents, money, lost income and equipment fall under the category of company property. In case the business is homebased, a similar plan can be customized to meet the needs of the business, instead of opting for a home owners insurance which wouldnt cover particular losses like business interruptions or lost income.
Workers compensation
In case an employee gets injured while at work, this insurance plan would cover it. Under this provision, the employee cannot file a suit against the business, in case they get injured. But this business insurance states that in case such an event does take place, the employer would have to take up the responsibility to pay the medical bills of the employee and for the damage caused.
Business Interruption Insurance
This type of insurance ensures that in case there is damage or loss to the profit or cash flow of the business, this plan bails out the company. This reduces the risk of interruption to take place. For instance, if a machine at a clothing factory gets damaged, then the insurance cover would pay for repairing the machine, in case it doesnt work they may pay for the machines replacement.
In other words, getting business insurance is an assurance that in case any unforeseen event takes place then this policy would cover ground and help the business survive.
by: homerbooker Wns Case Study - Insurance Center Of Excellence What You Need To Know About Insurance How To Choose The Best Insurance Company Captive Insurance Companies Offer Both Commercial And Tax Benefits Things To Keep In Mind While Choosing Cheap Fleet Insurance Potential Changes In Medicaid Coverage For Orthodontists And Braces The Motor Insurance Bureau Do You Need Pi Insurance Tips For Choosing An Atlanta Insurance Agent What To Do With Your Co-op Insurance With Specific Losses Better Ways To Find Utmost Commercial Insurance Plans Simple Options Trading Strategies To Help You Gain Financial Independence Difference Between Critical Insurance And Disability Insurance