subject: Learn More About Insurances For Businesses [print this page] An insurance program is a must element for the smooth running of a business. This program includes several insurances that could cover all the losses and damages in a business. Following are a few of the elements that should be included in the insurance coverage. This will be helpful for all business owners to avoid unwanted items from their insurance program.
Liability insurance
An inevitable element in the insurance program of a business is liability insurance. The key factor that makes this insurance plan an unavoidable factor is the benefits that it offers. Full protection is provided for any sort of potential losses, if you include liability insurance in your insurance program. Liability insurance is available for business as well as personal purposes. Dont get confused on the coverage of both types of liability insurances. Your insurance agent can certainly help you to be familiar with these insurances as the coverage offered is entirely different for both. Make sure that the liability insurance plan that you choose doesnt include any unwanted items. Otherwise you will have to pay for that too.
Disability insurance
If you are a business owner, make sure that you are covered by disability insurance. This insurance coverage will assure the smooth operation of your business even in an adverse condition where you feel powerless to work. Disability insurance is meant to provide satisfactory coverage for your business. Always pay attention to validity of the coverage and payment date to keep this type of insurance updated.
Key person insurance
People who run business under sole proprietorship should certainly consider purchase of key person insurance. This insurance type is not as much expensive as other insurances. Such people will certainly find this insurance beneficial to operate the business efficiently. Partnership business owners can also opt for key person insurance. Loss of a person in a partnership business due to several reasons like illness or death can affect the business severely. The partner can get over from such situation with the help of the coverage provided by key person insurance plan.
Business interruption insurance
Damage of any properties happens quite often in businesses. Business interruption insurance holds great value in such a condition. The coverage of this insurance can be utilized to pay the salary and tax if your business cannot be operated as a result of any repairs due to fire or any other damages. So, you can maintain good terms with the employees even if the operation of your business is interrupted.
Fire insurance
Fire insurance is a complicated insurance type and is mandatory for a business firm. Choose a comprehensive fire insurance policy by discussing the coverage included and excluded, with your insurance agent. Dont purchase fire insurance in a hurry. Confirm whether it covers the actual value of the properties that got damaged as a result of fire. Usually almost 85 percent of the actual property value is covered by fire insurance. Think about a co-insurance clause also, which could reduce the cost of the policy considerably.
These are some of the popular insurances available for business purposes. Do not forget to add these factors in your business insurance program.
by: Niels F. Andersen
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