Of all types of insurance, business insurance is the most misunderstood. Many people have the wrong idea in their minds that it is an unnecessary expense that they just cannot afford. In reality, insurance is a way of protection against potential financial loss. It is also a form of prudent risk management, mainly utilized to mitigate against the danger of an uncertain or unforeseeable future liability event. There are three main types of business insurance: property insurance, general liability insurance and professional liability insurance.
Property insurance protects business owners of small or large companies from damage or loss to their personal property. It typically covers physical damage like break-ins and theft. There are various forms of property insurance such as casualty insurance, property insurance, liability insurance and property and liability insurance. The two major kinds of property and liability insurance are comprehensive and specific.
Businesses can use many types of coverage to protect themselves from different types of risks or potential events that may occur. The most common risks that businesses face are fires, explosions, lightning strikes, storm damage, theft, floods, earthquake and slip and fall accidents. Choosing business insurance coverages depend on the type of risks that the organization faces and the amount of coverage that is needed to effectively mitigate these risks.
Another important type of insurance policy is the key person insurance policy. A key person insurance policy is designed to replace lost key personnel when a business has been closed down. It usually covers the replacement of key person employee's salaries and benefits. It can also cover personal compensation for the death of a key employee who is the holder of the policy.
General liability insurance is another important type of business insurance policy. It provides coverage for property damage, personal injury and advertising. Depending on the policy, general liability insurance can also include bop and workman's compensation. Workman's compensation coverage is designed to compensate workers for damages sustained while on the job. This can be a useful tool if the business has employees that are specialized in different fields such as accounting, real estate, plumbing and carpentry.
Small businesses may also want to consider buying a small business insurance policy that offers additional coverage for lawsuits. Many businesses are forced to take on risk because of the small size of the company. Employees and owners may be held liable if other employees or customers are injured while on a business trip or at home while working. Business owners may also want to consider liability insurance, which will offer them protection against lawsuits, if they have employees that work in their store. This type of insurance coverage can help small businesses avoid financial trouble from paying out of pocket for medical bills of injured employees and customers.
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