subject: What Types Of Business Insurance Policies Are There? [print this page] You can be on top of your business but nobody can figure it out and prevent any disasters from happening. That is why getting insurance is so important. As you know, there are a myriad of law suits, damages, and other losses that can occur when it comes to operating a business.
It only takes one bad situation to put you into financial trouble. That's why you need to cover your business just as you would your health and home.
But how do you know what kind of cover to get? After all, there are so many different types of business insurance policies available. To top it all off, trying to figure out how all of them work can be confusing for the average person. To make it easier for you, here is a list of the different types of coverage that you can purchase for your business.
1. General Liability Insurance - This covers you from general claims made by your clients and customers. If they use your products or services and incur any losses, you will be protected. This is the cover that most businesses opt for because it covers many different industries, situations, and generally protects business owners in different situations.
2. Employer's Liability Protection - If you're looking to hire employees for your business than this type of policy is simply a must. It is used to cover your employees in case he or she becomes injured or sick from the job. This suits perfectly for service oriented business such as home improvement, moving companies, window installation, roofing, and is required by law.
3. Property Insurance - Although most people have their homes covered by insurance, very few people think about covering the property where the business is run. Everything from a fire to a flood can damage property and cost you serious money. So if you want to make sure the property doesn't cost you everything, you should opt for a property protection policy.
4. Cover for Vehicles - This may not seem like a major type of business insurance but it actually is for businesses that operate using vehicles. Businesses such as cab companies, delivery companies, movers, and wholesaling companies will want the right type of vehicle protection to cover their drivers and their vehicles.
There are other types of cover available, such as business interruption insurance and professional liability cover. To get an idea of which ones you'll need, you will have to come up with a carefully crafted list of what kind of liabilities exist in your business.
When in doubt, you can talk to a business owner that has the same kind of business as you to see what you're going to need. Keep in mind that not all business owners get they policies they need. Talk to as many people as possible and talk to insurers that can help you explain the details and benefits of each type of business insurance policy.
by: Tom Jones
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