Business Insurance

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Keep Your Business Protected

No matter what kinds of goods or services you provide, avoiding insurance coverage is definitely a risky practice. Business insurance protects proprietors from a number of risks, including death of a partner, an injured employee, a lawsuit, a natural disaster and other various circumstances.

Individual state governments determine requirements for business owners in their state. Most require companies with one or more employees to have workers compensation insurance, unemployment insurance and disability. Depending on your line of work, your state may require specific types of insurance for business purposes. For example, businesses that have a fleet of cars, vans or similar vehicles may be required to purchase commercial auto insurance. Lenders or investors may also require certain types of insurance to protect their investments as part of their financial agreement with you.

Businesses that are structured as limited liability corporations (LLC) or are incorporated protect owners’ personal assets from liability. However neither structure has the ability to cover businesses from other types of losses, so some sort of business insurance is needed to fully protect the operation.

A variety of different policies exist to help businesses protect their operations and assets. What you require depends on what type of business you operate.

General liability insurance covers legal hassles resulting from accidents, injuries and negligence claims and can provide payments for bodily injury and medical expenses, property damage, libel and slander and the cost of defending lawsuits or judgments from an appeal. Product liability insurance covers financial losses resulting from defected products that may cause injuries or some type of harm. The amount of insurance purchased depends on the risk involved. Professional liability insurance, often referred to as errors and omissions insurance, protects against negligence in providing service to customers.

Malpractice insurance for doctors is a type of professional liability insurance. Commercial property insurance covers everything related to loss and damage of business property from fire, smoke, wind, hail and rain storms, vandalism and more. Two types are available: all-risk policies that cover many different types of incidents and peril-specific policies that cover specific incidents such as fire, flood, etc.

You’ve invested a lot into your business. Make sure it is safeguarded and protected.




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