subject: Various Types of Insurance for Different Businesses [print this page] Various Types of Insurance for Different Businesses
It is important for businesses to have insurance to protect their investments. There are different types of insurances for businesses. Small businesses may not require as much insurance to be taken out on their company as larger businesses. Some of the different type of insurances to take out when owning a business is, general liability, product, commercial, and professional liability insurance.
General insurance is to protect a company against injuries, medical bills, and claims of negligence. Many companies have this insurance if they have employees working up under them.
Businesses that sell and produce merchandise to the public will need a hefty size of product liability insurance. This insurance is to cover the company in case a lawsuit arises. Most companies see these types of law suits if bodily injury is reported due to a product sold by the company. Sometimes companies may have products that are defected, or they may have to be recalled. This type of insurance is imperative for a company running this type of business.
It is also wise for companies that provide services to the general public to have professional insurance. Some businesses when providing services to individuals can subject themselves to malpractice, or negligence lawsuits filed against them. These lawsuits can sometimes pay off in a hefty amount. Professional insurance will help in these cases.
Another type of insurance is commercial insurance. Commercial insurance can protect a company against theft, vandalism, storm damage, and other damages that can occur to a business property.
These different types of insurances for business are a must to keep the company up and running effectively. Most businesses that do not have the right insurance can with stand a substantial financial loss sometimes.
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