Small Business Enterprises and Insurance
Small Business Enterprises and Insurance
Any and every commercial establishment has but one fear and it is the damage and/ or loss to the business. It has been observed that almost all business entrepreneurs however big or small do get their businesses insured against certain occurrences such as theft, liability and property damage or loss.
It is a widely known fact in the commercial sector that, the individual who does not get an insurance against unforeseen events puts not only his property and commercial interests at stake but also his personal funds and interests at risk as well.
Commercial insurance can simply be termed as a means of securing the business. This type of insurance is essential in the protection of a business venture from a potential loss due to unavoidable and most certainly unforeseen circumstances. Just as it is as important to get an automobile insured, a business must also be insured so that if any misfortune may befall upon the business, the investor is rest assured that his hard-earned money is not lost to the event.
Now depending on the type of business, there is plethora of insurances available. However, one does not require all the insurances that an insurance company provides. The different types of insurances given to commercial ventures are property damage insurance, general liability insurance, professional liability, this is also known as errors and omissions insurance. Worker's compensation, equipment or mechanical failure insurances deal with the legal issues associated with the employees suing the employer in the instance of the employee being injured while working for the employer. In addition, the mechanical failure insurance takes care of any unwarranted breakdown of any equipment.
Another type of very important insurance that the businesspersons look for is the Business Interruption Insurance. This type of insurance is wanted by those types of people whose businesses would be interrupted due to any unforeseen event such a natural calamity e.g. an earthquake or a volcano eruption or a tornado or a tidal wave onslaught, etc. An insurance to cover the interruption of a business will also cover if the business were to suffer due to arson and rioting.
There are different types of property insurances available to the business personnel. These property insurances are subdivided as machinery insurance, which looks after the coverage of equipment failures; ordinance insurance is for those businesses and places of business that were setup a very long time ago and for some reason such as a flood or fire, the whole business has to be upgraded to the current set rules and regulations. Tenant's insurance is another type of property insurance that is taken by the employers to insure the property to which the tenants might cause damage because of their neglect.
Liability insurance is a type of insurance that covers injuries and other damages to outside parties by the business professionals. This includes errors and omissions insurance, which attends to the inadvertent errors and failures that might lead to injuries. Product Liability Insurance is also a type of liability insurance that the business enterprise buys in order to cover any injuries or damages that may have been caused by a product that has either been designed or produced by the company.
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