Business insurance or commercial insurance is an important risk management strategic tool that transfers risk of loss to the insurance company. Business need to pay a small premium to the insurer so as to protect itself from financial loss.
Types of Business Insurance Now a days Insurance coverage is available for every kind of risk business may face.
General Liability Insurance :It protects against payments due to bodily injury, property damage, lawsuits,accident.
Product Liability Insurance : It protects against financial loss associated with the products that it manufactures, wholesale, distribute. It protects from risks of product including defective product and damage.
Property insurance : It protects against damage to the business properties mainly fixed assets.
Commercial Property Insurance : It protects against the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
Professional Liability Insurance :It protects the business from malpractice, mistakes, and negligence of services to your customers.It is applicable to service oriented professional firm.
Business income insurance : It is a disability insurance that covers for lost income due to temporary shuts down or limits your business.
Commercial Auto Insurance: It covers the company’s vehicles including cars and trucks.
Worker’s Compensation: It protects the employees who might be injured on the job. It provides income replacement and medical benefits to the injured employee.
A person, whether owning a small business establishment with a small workforce or a big business enterprise employing a huge workforce, he/she must ensure that his/her business property is properly insured.
Business/ Commercial insurance are meant to give protection against some probable risk or loss a business can face, including:
• Damage to business vehicles
• Liability resulting from operation of business vehicles
• Damage or destruction to office equipment or inventory
• Loss of income in case of closing down of business temporarily because of a covered loss
• Risks to cargo while in transit or storage
• Theft or loss of tools and equipment
• Crime coverage including robbery, burglary, etc.
Insurance Necessary for Business :
There are some forms of insurance which are necessary for a business. Such as:
• Commercial Automobile Protection (including auto liability, collision, rental reimbursement coverage)
• General Liability Protection (including bodily injury liability, property damage liability, advertising liability coverage)
• Business Property Protection (to protect building and contents in case of direct physical loss)
Business Insurance Agencies :
Some of the reputed business insurance agencies are:
• Allstate Insurance
• Cheers Insurance Brokers
• Johns Insurance Agency
• A.C. Pepe Insurance
Last Updated on : 5th June 2013