Business Insurance For All Types Of Commercial Businesses
Regardless of what type of business you have you will need several different types of insurance
. Employees may need to be covered for injuries on the job and you will have to insure your business against losses caused by your employees, and these are just a couple examples of what you need to carry.
What kind of insurance do you need? This will depend a good deal on the business you are running and the circumstances you are in.
Product Liability:
If you manufacture a product, you will be required to insure against damage to the general public or anyone else who uses the product. For instance if you create software which you sell to computer or gaming companies and that software causes a hardware malfunction your company could be liable for damages.
This liability could carry over to the general public even if you provide your product to a third party who in turn sells it on the open market. Think of it as malpractice business insurance, if your product causes harm your company could be expected to make compensation.
Buildings and Facilities:
One often overlooked form of business insurance is coverage that affects your structures and equipment. A fire or other disaster could end your business if you are not properly insured. You will want to carefully consider the cost of replacing your buildings, equipment and any stored product as well. If you are simply renting office space you may not need this type of insurance, however you should check lease agreement or speak with the building owner to find if the contents of the building are covered and to what degree.
Contractors:
If you are a contractor, your business insurance will be a bit different. Your clients property will need to be protected and so will your workers while they are out on a job. Your company should provide insurance for damaged property, injury on the job and potential injuries from the work you perform. For instance if you are a plumbing contractor and someone in your company fails to secure a water line properly resulting in water damage to the structure insurance will protect your company.
Open to the Public:
Cafes and restaurants are unique type of business in that their customers are on the premises every single day. This type of business will require a specific type of insurance as well. You will need to protect yourself from a customer who slips on a wet floor or becomes ill in anyway due to your business. You may also want to consider carrying cover on your equipment, stock, business interruption and much more.
Conclusion:
The truth is no matter what type of business you run you will need various forms of insurance. A claim against your company for damages without insurance could put you out of business and liable to the tune of thousands of pounds. Never go into any kind of business without proper insurance cover. In fact, you should speak to someone knowledgeable about many forms of commercial insurance, this way you know you are getting all the cover you need for your specific type od commercial business.
by: Tom Jones
Why Commercial Business Insurance Is So Vital Understanding Commercial Business Insurance Commercial Insurance Is Not Optional For Astute Minded Businesses Insurance: Minimizing The Risks To Earn Huge Profit When Do We Need Public Utility Insurance? 8 Ways To Finding Cheap Building And Contents Insurance Insurance Agency SEO Why Purchase Insurance Online Top Insurance Benefits You Need What is insurance? Transform Your Insurance Sales Scripts Into Questions And Double Your Sales California Business Insurance – Types of Insurance Important To Small Businesses Who Is Indemnity Insurance For?