What is Business Insurance?
The purpose of insurance is to help protect your business from these risks. Business insurance helps protect your business’ financial assets, intellectual and physical property from: Lawsuits. Property damage.
Types of Business Insurance
General liability insurance
Business owners purchase general liability insurance to cover legal impediments due to accidents, injuries and negligence claims. These policies protect against bodily injury, property damage, medical expenses, defamation, costs of defense lawsuits, and payments resulting from settlement bonds or decisions required during the appeals process.
Product liability insurance
Companies that manufacture, wholesale, distribute and retail the product may be responsible for its safety. Product liability insurance protects against financial loss as a result of a defective product that causes injury or bodily harm. The amount of insurance you buy depends on the products you sell or manufacture.
Professional liability insurance
Business owners providing services should consider having professional liability insurance(omissions insurance). This type of liability coverage protects your business from malpractice, errors and negligence in the provision of services to your customers. Depending on your profession, your state government may require you to adopt such a policy.
Commercial property insurance
Property insurance covers everything related to loss and damage to company property due to various incidents like fire, smoke, wind and hailstorm, civil disobedience and vandalism. The definition of "assets" is broad, and includes lost income, business interruptions, buildings, computers, company papers, and money.
Home-based business insurance
Depending on the risks to your business, you can add riders to your homeowners policy to cover common business risks such as property damage. However, homeowners policies go further into covering only home-based businesses and you may need to purchase additional policies to cover other risks such as general and business liability.
Benefits of Business Insurance:
Running a successful business always comes with inherent risks. Getting the Business Insurance provides the following benefits:
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Insurance can help you recover when things go wrong. From property damage to liability issues related to items like fire or theft, should someone sue or threaten. With proper policies, you will gain peace of mind and feel more comfortable in your new role as an entrepreneur.
Business insurance can be customized to suit your specific business needs. Recommended coverages often depend on the type of business you have and the risk protection your business will need to stay healthy and whole.
Yes, you should include insurance expenses in your initial business plan and annual budget. From a cash flow perspective, you'll want to understand what types of payment options and timings are available.
The cost of insurance is based on several factors such as, the value of the assets of the company you wish to insure, the number of employees, the specific risks associated with your industry, your personal risk tolerance and the amount of liability protection you prefer.
Your agent can suggest a liability coverage that is optimal based on the size and industry of the company. The key is to make sure you have enough coverage in case something goes wrong. To help you make the best decision for your business speak openly with your agent.
Businesses often need to carry more than one type of insurance, and your business's insurance needs can be highly individual. A knowledgeable agent can help you find the right solution.
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