subject: What Should Business Insurance Coverage Include [print this page] The purpose of having business insurance is for a business to protect their property and business assets in the case of financial loss, damages, accidents, etc. Buying business insurance is a risk manager for a business. There are two types of business insurance: liability insurance and property insurance. However, most business insurance policies available will have both liability and property insurance in one business insurance policy. This is because liability and property insurance are intermingled within the structure of a business and you can't just have one without the other.
A business insurance policy will list some "perils" within the business insurance policy coverage. If any one of these "perils" occurs, the business insurance policy will pay the business an arranged amount of money that was agreed upon and written in the business insurance policy. Doing a business insurance search for the cheapest quotes on business insurance may not be the best idea as you can get a really cheap business insurance quote, but the cheaper the quotes the cheaper the insurance coverage usually. If you are in search for a business insurance policy, make sure that you listen or read online to what the business insurance coverage is along with the insurance premium quotes.
Perils written in a business insurance policy can be natural, caused by nature, such as a fire, tornado or other kind of storm, flooding, etc. Other perils business insurance would cover would be human perils like burglary, arson, and/or a car accident. A car accident "peril" may not be a concern to one business, but it would be a concern for a delivery business like USPS. In the case of a delivery business, the business owner would want to have business insurance that included liability insurance and workers compensation insurance in the case of a car accident that happens with the business transportation vehicle. But, this business insurance policy would also need to include property insurance to insure the delivery vehicle of the business. This is a great example of where business insurance coverage overlaps. Within this one situation or business peril of a car accident involving a business delivery vehicle this business would need a business insurance policy that included: liability insurance, workers compensation insurance, property insurance, and auto insurance.
It would be important for any business, small or large, to know what type of business insurance coverage they need before going out in search of the cheapest business insurance quotes. If you're not sure what type of business insurance you need, first think of all the disasters or perils that could go wrong and how that would affect your business financially. List your business assets, the property you want to protect, the employees you want to protect, the business structure you want to protect in the case of a financial peril or a human caused peril or a nature caused peril.
Once you have an idea of what could go wrong and what you would want your business insurance to protect or pay back, now talk to an insurance agent. An insurance agent knows the insurance lingo and insurance rules and regulations. Then move forward with discussing the business insurance quotes and coverage. If you do a search online between insurance agents you can compare quotes and liability or commercial or business insurance coverage all online.
by: Dennis Brier
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