| Building a business is laborious task, but fun at the same time. You will be always looking forward on how things will work out. You will have the feeling of contentment as you watch your little creation grow into a full swing and productive establishment. However, there are things that should be taken into consideration like accidents and liabilities. One accident or disaster could wipe the whole thing that you have worked for over the past years. For this reasons that is why there is business insurance. This type of insurance can help you cope up with any losses that your company may incur. Here are some of the insurance policies that you can use in your business to aid you in most of the risks that you may come across. | | Types of Business Insurance Policies
One example of a policy in this form of insurance is the property and casualty insurance. This policy provides protection in most risks involved in a property such as theft, fire and weather damages. It also protects the owner‘s property from being taken as a compensation for others in settling legal disputes. The casualty insurance resembles a different form of coverage known as liability insurance, but a bit more restrictive.
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The definition of liability is the financial or legal responsibility the owner of the business has to another person. In the general liability insurance, the policy covers claims for the insured’s liability for injury or damage resulting from manufacturing operations, sale distribution of products, operation of machinery, ownership of property, contracting operations or professional services. This helps protect your business from a broad number of liabilities. As an example, this will cover for the accidents from the operations or premises of an insured individual.
Here is another insurance policy that you can also use in your business. This is the worker’s compensation insurance. The worker’s compensation is a system established under the state law providing payments to an injured employee during his or her employment, no matter whose fault it is. Because of this, you have the responsibility to compensate for the losses of your employees during their terms of employment. The policy covers liability enforced on certain employees that were killed, injured, or acquired sickness due to his or her job. In other words, the insurance will provide the benefits to your employee or to the people dependent to him or her.
On the other hand, the professional liability insurance protects professional practitioners like doctors, architects and physicians against claims on negligence from their clients. This kind of insurance may come in different names depending on what is the job description of the professional. As an example, in medicine, the policy is known as medical malpractice insurance. If your business employs professionals, this would be helpful in cases of carelessness resulting to an injury or loss of property of your clients.
Another form of policy similar the previous one is the directors and officers liability insurance. This gives protection to officers and corporate director’s liabilities coming from breach of duty, wrongful acts and errors in judgment. In the event that they are sued for wrongful acts during their service in your business, the policy will cover for any losses or costs in the hearing of their case. However, the insurance will not cover intentional acts of the officer or the director.
For small and medium sized businesses, a policy combines the liability and property insurance. This is known as the business owner’s policy (BOP). This would cost less compared to purchasing the two insurances separately. However, not all business types can avail this policy.
Commercial auto liability insurance is for businesses of all types, especially those that are in the transportation business. This will cover for business’s assets in the event that there is an accident while driving a commercial vehicle.
If you want to save money on the insurance that you were going to buy, it would be advisable to avail group insurances. Such policy would include group health insurance. It is the typical health insurance but is written on many people under the one master policy. The insurance will be issued to you as the employer of these individuals. Another policy of this form is the group life insurance, which is a life insurance given to a group of people under a single master policy. An additional policy that can be a big help for your business is the group disability insurance. This has coverage for loss compensation due to sickness and accidents in a group of individuals.
These are just some of the insurance policies that can aide your business in its growth. If you are planning to start a business or already have a business, determine which insurance policies you will need and avail them. This will ensure the continuous success of your business.
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