Types of commercial insurance
Insurance coverage is available against every conceivable risk that your company may face. The cost and the amount of coverage policies vary by insurer. You should discuss your specific business risks and types of insurance available with your insurance agent or broker. Your insurance agency can advise you on the types of insurance you should consider getting.
General liability insurance
Business owners buy general liability insurance covering legal problems for accidents, injuries and negligence claims. These policies provide protection against cash outlays related to bodily injury, property damage, medical expenses, defamation, slander and costs of defending against lawsuits, and obligations under arbitration awards or appeal bonds.
Liability insurance for products
Companies that manufacture, distribute and sell a product wholesale and retail will be responsible for the security of this. The liability insurance for products protects against financial losses resulting from a defective product that causes injury or bodily harm. The amount of coverage you should buy depends on products sold or manufactured. For example, a clothing store might have much less risk than a small appliance store.
Professional liability insurance
Business owners who provide services should consider having a professional liability insurance (also known as errors and omissions insurance). This type of coverage protects your business against malpractice, errors and negligence in providing services to its customers. According to his profession, the state government may ask you for the policy. For example, in some states, doctors should be covered against negligence as a condition for professional practice.
Commercial property insurance
The commercial property insurance covers everything related to loss and damage to the property of the company due to various reasons, such as fire, smoke, windstorm and hail, civil disobedience and vandalism. The definition of “property” is very broad and includes lost income, interruption in activity, buildings, computers, business documents and money.
There are two basic types of insurance policies property: (1) coverage policies against all risks , covering a wide variety of incidents and damages, except those mentioned in the policy; (2) coverage policies against specific damages , covering only losses resulting from the list of incidents detailed in the policy. Examples of policies against specific damages include insurance against fire, flood, crime and business interruption. Usually policies cover all risks cover the risks that the average small businesses face while policies cover damage specific are contracted, generally, when there is a high risk of danger in a given area. Ask your agent or broker about the type of insurance most appropriate commercial property for your business.
Business insurance home
Contrary to popular belief, insurance policies for homeowners not cover generally the losses suffered by businesses that develop at home. According to the risks to which the company is exposed, you can add conditions to your insurance policy homeowners to hedge against common risks such as property damage. However, policies homeowners only cover certain points for businesses that develop at home, so you may need to hire additional policies to hedge against other risks, such as general insurance and professional liability.