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Business Insurance

Anyone who owns a business or is thinking about starting their own business probably recognizes the need for business insurance. As a responsible business owner, it is important to comply with laws and regulations affecting your business, as well as protecting the stability of your business by investing in business insurance. This broad term can be broken down into several smaller concepts that are all important to understand. Once you know about the different aspects of business insurance coverage, you can then determine the extent of the coverage you need and begin to research potential insurance companies, as well as comparing insurance rates.

Types of Business Insurance:

  • Liability insurance - Business liability insurance protects against any liability that could be imposed legally on your business as a result of the negligence of the business or its employees. Generally, it protects your business in the event that you get sued for negligence.
  • Workers’ compensation - It is important to insure your employees against on-the-job injuries. Each state is different in their workers’ compensation requirements, but nearly all of them have some type of workers’ compensation system. When you have this type of insurance, employees are not allowed by law to sue their employer for job-related accidents or injuries. In order to be protected against being sued, payments to employees who are injured while at work are almost automatic. This payment usually covers medical bills and damages.
  • Casualty insurance - This type of insurance coverage insures against loss or damage to the business due to unforeseeable accidents.
  • Property insurance - Property insurance protects business owners against loss or damage to the physical location of the business and its contents. It can also be for a specific risk, such as fire or a natural disaster. Property insurance can apply to business locations that are owned, leased or rented.

In some instances, casualty and property insurance are grouped together and referred to as “property casualty insurance”. In many instances, it may be best for you to purchase a combination of these two together in a package.

  • Health insurance - It is important for businesses to offer their employees health insurance. Business health insurance offers a health coverage benefit plan to all employees. Most insurance companies will offer plans for businesses of all sizes and may even have special deals on both large and small business insurance rates.
  • Life and Disability - This type of insurance protects your business against the death or disability of key employees or stakeholders, especially a business with partners. Usually these policies are worded so that one partner carries a life insurance policy that names the other partner as the beneficiary. In the event that the partner dies, the proceeds are typically used to buy the other partner’s share or stake in the business.
  • Business Interruption Insurance - Business interruption insurance protects against loss or damage to the profit or cash flow of the business in the event that the business is unable to operate because of interruption.

After you determine how much business insurance coverage you will need, you should then obtain insurance quotes from several insurers to determine who will give you the best rate. It is also important to continually look at your coverage and determine if there are areas you can discuss with your insurer to lower your rate.

Insuring your business is one of the most important aspects of being a business owner. Make sure you understand each aspect of your policy so that you are getting the best coverage possible at the best price.

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