The benefits of commercial insurance
The benefits of commercial insurance
The word insurance is not new as it is heard often. Insurance in short is a contract between the insurance company and the owner of car, house, business and other valuable articles. There is insurance for practically for everything. Commercial insurance is one such insurance which is a contract between the business owner and the insurance company under which the owner's risks against losses caused due to natural and un-natural elements are taken care. The business owner has to pay certain amount as premium for this protection. It is a small amount as compared to the larger damages which can occur. The owner is protected against vandalism, accidents, lawsuits, theft and other elements which cause devastation.
Any business owner would benefit from such insurance as they reduce the risk and provides peace of mind. The company and all its assets can be insured for a fixed amount according to which the amount of the premium is fixed. The employee's health can also be insured by the business in the form of group insurance. A business owner has to have many different kinds of insurances to protect the business and one such insurance is to settle the claims of employees who are affected by ill health or an accident at work.
By definition employer's liability insurance is one which protects the employer from the liabilities which may arise from the fatality, injury to the employees or disease which result because of the work place condition or the practices. Employers are required to insure against the liability for injury and illness of their employers caused due to their employment. It is compulsory and is required by the law. The employer becomes responsible for the health and safety of the employee as long as they are at work. Employers are supposed to take away factors which are health and safety hazard from the site of the work or they have to provide safety device to protect their employees from any such hazardous situation. Under unfortunate situations the employee may claim compensation and the employer's liability insurance can come in handy in such situations. It was an act which was brought about in the year 1969 and ever since every employer has at least a minimum level of insurance coverage to take care of such claims. In addition to the health and safety it protects the employer from claims made by the employees for sexual harassment and discrimination based on gender, age, handicap and race. The insurance is designed to take care of such claims too. Many cases of this sort have been settled so far. Employees who faced termination or those who feel that they have been treated unfairly sometimes sue the organization for wrongful termination which may cost the company loads of money.
There are several companies which sell business insurances. Business insurance rates can be found out from the website. One can get a number of quotes to compare the rates and the features before actually deciding to buy one. The business insurance rates depend on the features. One has to study them carefully to get maximum benefit and that it provides coverage for all the required sections.
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