For you or your business to be covered by a sufficient amount of insurance, you need to know what business insurance covers. This is an important step because you need to know that you or your company are protected from unexpected losses. Some insurance policies only cover the specific aspects of your operations, while others provide comprehensive coverage to your business operations and property. Your coverage should be tailored to fit the needs of your business. You can use quotes to make sure that you have an idea of what it will cost you to protect your assets. The following are some of the main types of coverage you need to know about.
Business interruption coverage is provided under insurance policies that cover business operations, inventory, supplies and machinery. It provides coverage for sudden interruption of business operations caused by storms, lightning strikes, explosions and civil disturbances. Most of the time, a business interruption quote includes emergency call services that help resolve problems that may arise during any unforeseen event. Other factors that you should consider are the renewal premiums; there are premium rates that vary depending on the type of coverage your company requires.
Workers' compensation is another type of coverage that is a must for all businesses. It is a comprehensive insurance that covers not just employees, but also the employers or the business operations that cause accidents or injuries to employees. As with medical coverage, there are specific types of workers' compensation including private medical loss benefits and disability income, which may also be covered under a workers compensation policy. The most common benefits included in a workers compensation policy are back pay, medical expenses and rehabilitation costs, depending on the state laws.
Professional liability coverage is also very important to all types of businesses. In order to protect themselves and their customers from fraudulent activities and negligent actions, many businesses must carry some form of professional liability insurance. It usually covers advertising discounts, defamation and slander, negligence and errors and omissions, and misappropriation of trade secrets, inventions and trademarks. Although this insurance is offered to small businesses at a low level, it can be an essential protection for the small business owner who works hard for his or her family and cannot be accused of negligence or fraud without it.
Another type of policy that all small businesses should consider is a general liability policy. This type of coverage protects against a variety of events that can happen both on-site and off-site. This is one of the more comprehensive types of coverage that small businesses should consider buying since it covers not only the property, equipment and supplies on site, but also personal property, general liability and workers' compensation. A general liability policy also requires that any employees that are employed by the business to be insured under the policy.
Finally, when it comes to protecting the assets of the small business owner, commercial auto insurance should be considered. Auto coverage protects against damages and losses that occur due to an accident involving a vehicle, truck or van. Most policies will also provide coverage for any medical expenses that occur as a result of an accident, as well as damage to the other vehicle or its driver. In addition, some policies will also provide coverage in the event that the vehicle is stolen, damaged or destroyed. This type of coverage is often the most affordable way to protect a small business's assets because it usually covers losses and damage for the full value of the vehicle, which will eliminate many of the premium costs associated with auto policies.
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