It is important for every business to have a business of insurance. There are many forms of business that may not be covered by the insurance policies but should it happen, there would be a lot to cover for such as losses at the work place, assets and production, investments, property, machinery and vehicles and even death and accidents. Every business whether big or small should have its own insurance book so as to manage the business affairs. This will help every business owner to keep track with all the policies, coverage and discounts available.
The first section of the business of insurance book is called the general coverage. This covers most of the ordinary expenses that occur everyday. This includes the payment of salaries, rent, disbursements to the accounts payable department, taxes and insurance. These include the maintenance of the building and business space. The business owner may also include the bills on the various utilities like electricity, water and gas.
The second part of the business of insurance book is known as special risk. This covers the unique situations that may occur in the business. For instance, if a customer becomes ill then the insurance policy would cover the medical expenses and possible loss of income. The insurance company can also provide coverage on losses that are incurred due to vandalism or theft. In addition, if a business runs out of cash during the period of operation then the special risk policy can also cover the cash shortage.
The third section of the business of insurance book covers risks specific to the business. This will include coverage for the events that may happen suddenly. For example, if a business partner dies suddenly then there is a possibility that the business may not be able to pay for the funeral expenses and other related costs. The death of an employee can also affect the business especially if there are high chances of redundancy. All these are covered under the special risk policy.
Lastly, the business of insurance should also define the terms that it uses for describing risks. The business may choose to use a term like high risk, medium risk, low risk, etc. These are terms used to describe the specific kinds of risk that can occur in the business. The business can also determine the degree of coverage that it requires. For instance, a small business that has twenty employees can get the coverage that is more than that of a medium sized business that has hundred employees.
Therefore, it is important to read and understand the contents of the business of insurance book. This is needed in order to avoid any misconceptions. It is also important to compare the contents of the book of business of insurance with the current market situation. This is one way of ensuring that the business of insurance is up to date and can meet the needs of the business.
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