The types of business insurance certainly depends on the
nature of the business. To best determine your business insurance requirements, please consult an
insurance agent and/or insurance broker.
Below offers various examples of business insurances.
General Business Insurance (Liability)
General liability covers negligence causing injury to clients, employees,
and the general public.
Product Liability
Product liability protects you against a lawsuit by a customer who
purchased or used your product and, by doing so, received bodily injury
or damages to their property.
Automobile Liability
Automobile liability protects other's property, other autos, persons
in other vehicles, and persons in the insured automobile. If you use your
automobile for business use, then you should inform your insurance company.
If an accident occurs, during business hours, problems may occur.
Fire & Theft Liability
Fire and theft liability may protect assets such as inventory, equipment,
supplies, etc...
Business Interruption Insurance
This type of insurance is designed to cover the period between the
time of the loss and the return to normal operating conditions. The policy
may also include rental of additional office space. If your premise or
files were destroyed in a fire, for instance, you may lose revenue in the
form of accounts receivable. At the same time, you will need to pay your
expenses generated through your creditors. This coverage generally allows
you to do so.
Personal Disability Insurance
Personal disability insurance is designed to assist you and your company,
if for some reason, you become permanently or partially disabled.
Key Person Insurance
Key Person insurance is designed to "protect" the business in the case
of a key person's death. A revenue reductions may result if a key person
in your organization dies, for instance. Also, inquire on shareholder's or partner's
insurance.
Business Loan Insurance
Many financial institutions will provide an option of insurance
on your outstanding business loans. In the event of your death, the outstanding
balance of your business loans will be paid in full.
Worker's Compensation Insurance
Worker's Compensation Insurance generally coverages all costs that
an employer is required to pay for any injury to his/her employee. Worker's
Compensation has recently been reformed, therefore, it would be beneficial
to contact them for their revised policies and procedures.
OTHER INSURANCES YOU MAY CONSIDER:
HINTS:
Develop an insurance strategy for yourself and business by consulting
various insurance companies. Be Careful - you don't want to be under or
over covered.