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What is Business Insurance?

Business insurance is almost a necessity for any company that has employees. It works by helping to protect against law suits, injury or death of an employee, business partner or client. It can also help in the event of a natural disaster.

When Is It Required?

Each state has its own requirements on what types of insurance each business will need. In most cases companies that do not have employees are required to carry full business insurance policies.

Types of Business Insurance

Liability Insurance Protection – Can cover nearly all legal issues that can arise such as:

  • Accident
  • Injury
  • Negligent claims
  • Property damage
  • Medical expenses
  • Slander
  • Death and burial
  • Lawyer fees and court costs
  • Pays settlements

Produce Liability

This type of insurance is designed to protect products while they are being made, stored, sent and sold. It also covers each person who handles the product while it is going through this process.

Professional Liability Coverage

This policy is often used by doctors or other professionals to protect from law suit in the event of negligence, malpractice or any other errors that may arise.

Commercial Property

This policy protects the building and its contents, which can include income loss due to business interruption, business files, and computers and so on. Damages to outside areas and vehicles are also covered as long as they are used for business purposes.

Covered damages may include;

  • Fire
  • Smoke
  • Wind
  • Hail
  • Storms
  • Civil destruction
  • Vandalism

There are two types of property insurance.

  1. All-risk – covers all damages or incidences that could arise on the business property.
  2. Peril-specific – covers the property and its content only if the damage is caused by certain events.

Home-Based Business Insurance

People who operate home business often need to have two types of insurance, home owners which may cover some furnishings used for the business, but doesn’t fully cover the business itself. This is where home-based business insurance steps in.  This is protection that kicks in and covers business related items like financial loss due to business interruption, documents, computers, and files.

Business Insurance Rates

Insurance companies use a computer designed system or actuary table to customize policies that fit the individual needs of each company. The insurance provider researches the business to find out if they have any history of financial, business, or property loss, has had any claims of injury, death, or negligence. All this information is put into the computer along with the type of insurance the company needs and run through the actuary table. After this is calculated, the insurance rates are determined.

Those who own companies know how hard it can be to cover expenses if a problem arises. Whether you’re running a small home-based business or a huge corporation, isn’t it is comforting to know there is a policy designed to cover literally every risk or disaster a business may face. 

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