In order to protect your assets in the event that your company is sued, you need to have a basic understanding of the different types of business insurance you can obtain. The first step is understanding what type of coverage you require and the type of policy that best meets these needs. Liability is one of the most common types of business insurance that owners purchase. If you have employees, you will probably need health and dental benefits as well. If you operate your business out of your home, you will also need life and health insurance.
Business liability is not the same thing as worker's compensation. When you get a liability quote, the insurer will ask you how many personal injury or property damage claims your business has settled within the past year. This figure is called a premium. Your company's liability limit is the maximum amount of money that it will pay for claims made within a certain time period, up to a certain percentage of the total premiums you paid during the year. For example, if your business settles two claims in the last year, it will not be able to settle the third claim unless it adds on an additional 20% to the total amount of the premiums.
You must be careful about business insurance that purports to give you liability protection. Many companies will include liability coverage in addition to the other types of insurance they offer. They may include theft insurance or property damage insurance. However, they will not include medical payments, legal costs, or other types of damages that you might be entitled to recover on your own.
You may also want to consider purchasing business insurance for professional liability. This type of coverage protects you if your employee makes a bad decision, is careless when working, or has an accident while on the clock. A typical business insurance quote for this kind of coverage will include property damage, bodily injury, and professional liability. If your business involves professional services such as accounting, law, architecture, or writing, you should check into this kind of protection as well.
In many instances, business owners choose to get insurance quotes from more than one company. It is a good idea to review the rating of each of the insurers. They will have different risk factors, so they will insure different types of businesses differently. Also, an insurer with a high rating is likely to be financially stable, so you could consider one of these companies if your own business is currently suffering a dip in profits.
As you can see, the type of business you own and the risks it poses to your business will determine which type of business insurance quotes you should get. Before making a final decision, you should spend some time online getting insurance quotes. It is important to shop around and compare a variety of insurance companies. This way, you will be assured that you are getting the best coverage available. You may even find discounts that you did not know about. Finally, you should make sure that you always carry the proper insurance to protect your business from any damage or loss.
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