Different Types Of Business Insurance
Business insurance coverage is one of the most important purchases that any business will make and it can protect the business from unforeseen liabilities. How much insurance a particular business needs and how much that business insurance is going to cost will vary depending on the industry and geographical location in which the business operates. A good insurance agent will be an invaluable asset to a business. Your agent will be able to determine exactly what types of coverage you may require including some types that you may have not thought of on your own. General liability business insurance is exactly what it sounds like. It covers a business and any lawsuits that may arise and create a liability such as an injury or accident or any of the various forms of negligence. This can include coverage for customers injured on the business premises, damage that is done to the business property, and the cost of defending the business if a lawsuit is brought against it as well as paying off a judgment against a business after losing such a lawsuit up to the value of the policy.
Product liability business insurance
Product liability business insurance protect companies from damages and injuries that may occur due to any product that company is responsible for manufacturing, distributing, or retailing. The amount of this type of business insurance that needs to be carried is going to depend on the inherent dangers present in the type of goods involved. The more likely that someone may be injured by using a product the higher the amount of insurance that needs to be carried and the higher the premium for that insurance is going to be. All business owners, especially those that provide services, need to have professional liability insurance. Your business insurance agent may refer to this type of insurance as errors and omissions coverage. Certain professionals that must be licensed are required to carry this business insurance in order to receive their licensing credentials. This is most common in professions in industries such as medicine. This type of business insurance for a doctor is know as malpractice insurance and covers any mistake that may cause bodily harm to a patient.
Property insurance covers just about any kind of damage that may occur to the buildings and premises of a business including fire damage, storm damage, and acts of vandalism. If you get a comprehensive property policy make sure that you understand what it covers and what it doesn’t. Even policies that are touted to cover everything still don’t cover things like damage due to flooding and you will need a separate policy if there is a risk of flooding in your locale. You can buy a policy for each individual risk but that is usually a more expensive path to take. These are just a few of the types of business insurance coverage that is available. Make sure to discuss your needs with your agent to be sure that you get all of the coverage that is required for your type of business. You may wish to consider an umbrella policy in addition to your regular coverage that will cover you if for any reason you exceed the monetary limits on any of your policies.
