Commercial Insurance Makes Perfect Sense
Commercial Insurance Makes Perfect Sense
If you own your own business, you probably have tons of stuff to worry about. Regardless if your company is a small family business or a large corporation with hundreds of workers, there are certain things that you have to take care of on a daily basis. It goes without saying that it is important that your business operates smoothly, but what about other matters such as deciding where to spend your limited marketing budget in order to obtain the best results? And making sure that you will always have enough money to pay salaries at the end of the month?
Because there are so many things to concentrate on, it is crucial that a business is protected from potential loss caused by unanticipated circumstances. That's why a business needs insurance. Business insurance is known as commercial insurance and can be categorized as property insurance, liability insurance and workers' compensation.
Damages to your business property will be covered by property insurance, damages to third parties by liability insurance and in the case of on-the-job injuries to your employees you will be able to claim against workers' compensation.
Even though commercial insurance sounds quite clear-cut, there are a couple of things to keep in mind. The three main categories mentioned earlier can further be divided into insurance products catering for more specific requirements.
Damage to your office space caused by a fire would be covered by your property insurance, but additional coverage for your business property should still be considered, as property insurance does not cover everything related to property damage! Your property insurance will cover the cost of rebuilding your business premises after a fire or flood, but they will not cover the cost of removing the debris, the remains of the old building etc. So you will either have to take care of that out of your own pocket or by claiming against Debris Removal Insurance which should usually be taken out a separate commercial insurance property.
Most offices or other business premises often have a lot of glass windows. Replacing broken windows might not necessarily be covered by your property insurance, but will be covered by a Glass Insurance Policy.
The same goes for liability insurance. If you cause injury to a third party, they will be able to sue you for personal injuries or property damage. Your liability insurance will cover the cost of defending and solving the suite, but if the injury was caused due to malpractice from your side standard liability insurance won't be adequate and you would require malpractice insurance. This is usually applicable to professionals in industries where mistakes can result in serious injuries (or even death) and should be taking out by professionals in especially the health industry.
As a business owner you need to be responsible, therefore it's vital that your commercial insurance is in place!
Always make sure that your policies provide adequate cover. Insurance claims can be for substantial amounts and if you are not insured or underinsured you might be in deep trouble. unless you have access to a bottomless savings account! Do not be afraid to ask questions - you must be 100% satisfied that your policy will protect you in your time of need!
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