Business Insurance

Choosing insurance for your business can be a daunting task. There are quite a few types of business insurance available and deciding which you need to cover your business can be tricky.

If you have a solid business plan in place, chances are you have all the information at hand that will help make those business insurance choices. Your choice of business insurance will vary depending on whet your business does, where it is located and how many employees there are. Your business insurance choices will also vary depending on whether you have a home based business; web based business or set up shop in a location other than your home and the Internet. Even if you are a business of one, you will still need business insurance coverage to protect you in the event of a law suit or someone is injured at your place of business.

If your business is at home, do not assume your homeowner’s insurance policy will cover any litigation associated with your business. Chances are any business activity will not be covered by your homeowners insurance, but if you do try and make a claim and it is found to be fraudulent, you will have trouble on your hands than you will know what to do with.

Some of the types of business insurance that you should consider are as follows: property insurance, casualty insurance, liability insurance, commercial vehicle insurance, workers compensation insurance, business interruption insurance, health and life insurance. It is possible that your business has something unique like a moss covered, 3 handled, family gradunza that needs insurance and it may require a special policy be written just for it.

Property insurance will cover your property and its content’s against loss or damage. Property insurance will also cover other properties under your jurisdiction when loss or damage occurs. The insured location can be leased, rented or owned by the business owner.

Liability insurance will cover your business against any legal implications because of negligence of your business or employees.

Commercial vehicle coverage is important to have on all vehicles owned by the company insured in a policy that covers against property damage to the vehicles and damage caused by others. Your vehicle insurance for your personal vehicle does not cover vehicles used for your business.

Workers compensation covers medical expenses and lost wages to employees who are injured on the job. The employer pays into the system for each employee based on the risk level of their job. If the employee is injured either through an accident or suffers an illness through exposure during the course of their job, they are entitled to compensation. The employee receives worker’s compensation in lieu of being allowed to sue the employer.

Business interruption insurance insures the business against damage or loss against the cash flow and profit causing the business to stop operation because of the interruption. The interruption may be the breakdown of machinery that makes the product the business sells. Insurance may cover the cost of fixing the machine, but without business interruption insurance the time lost because the part cannot be made is not covered.