subject: Business Insurance Will Protect Ventures [print this page] After putting in all the time, money, and effort to start a business you don't want to find down the line you hit a roadblock. You need to protect your assets from debts and liabilities when problems arise. There are different kinds of business insurance policies that you might find of interest to protect what you worked to build.
The main types of coverage you will find are protection from damages to the property (building, vehicles, equipment, and inventory), protection against losses as a result of crimes like theft or fraud, and liability. And in some cases you can find policies that cover extensive leave of absence due to illness too.
The first category is property. This would reimburse any insured party suffering financial loss due to property damage. The property includes all owned land, building, factories, equipment, and anything exclusively vital to business success). You could tag auto insurance onto that too in case of accidents, theft, or unforeseen damages and injuries.
Then you get insurance due to theft and fraud. These protect you against any financial losses from employee fraud or partnership fraud. This is important to have in case you're caught in a bad deal that ends up having been compromised.
The liability policies will pay for bodily injury and property damage whenever your company is the responsible party--it could be due to faulty equipment or otherwise. This is mostly important for businesses involved in construction, goods production, or other factory-based work, but it can help any business endeavor just as a precaution.
Whatever is not included in the above categories is included in what is called umbrella insurance, an overall buffer for unusual circumstances and occurrences that may not have specific categories. You never know what can happen running a business since new things happen each and every day.
Once you've decided what kind of policy you need to determine the price limit. You should compare quotes from multiple sources and check to see if they have a history working with your industry. Are there any recommendations? Compare policy details and see what you can set as your deductible limits.
Any and all expected damages are excluded from coverage, as are certain instances of intellectual property infringement, advertising, unfair business practices, libel, defamation and slander. Always check with the policy when you're unsure what qualifies and what does not in these specific circumstances.
Business insurance is here to help keep you financially stable and independent even when malady strikes, therefore you are not stuck paying for the things that are sometimes out of your control.
by: Mark Etinger
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