All Types Of Business Insurance Policies You Need To Know

Introduction:

Each business is unique in its style. Every business has to face many risks.
Besides, natural disasters may hit businesses forcing their closure or paralyse their regular functions. To encounter all these hurdles, business insurance is a must and the insurance companies have designed many types of this insurance to safeguard all types of businesses.

Types of Business Insurance Policies:

Fortunately, businesses have access to wide ranges of business insurance to protect them from all possible dangers and risks. Here are the types of business insurance polices, the businesses must have in place.



Property Insurance:

Any business needs either own building or rented building for its operations. Further, you may be having business equipment, furniture, computers and other electronic appliances, signage, etc. for your business purposes. If you have a property insurance on your hand, then this will protect these properties when they are damaged by fire, storm or theft. In general, mass destruction due to floods and earthquakes are not covered by this type of policy. It is better to consult your insurance agent whether you have to buy a separate policy to cover these dangers.

Workers Compensation Insurance:

As long as you are self employed and remain as the sole proprietor of your business, it is good.
Once you hire an employee, you are in need of this workers compensation insurance, which is one among the types of business insurance plans required by law. This will cover medical treatment, disability and death benefits of your employees in the event they are injured or become disable or dies while at work. Even if you are running a seemingly low risk business such as running a retail store, a slip and fall may result in serious injuries to your employer or a customer.

Professional Liability Insurance: This type of insurance is also one among the types of business insurance plans, which covers a business against claims due to the negligence, mistakes and failures to perform on the part of professionals. There is no one size fit policy for all professionals. Each industry has different set of concerns and all these worries can be set right by adding necessary liabilities and customize this policy written for a particular business.


Home Based Business:

Many professionals do their business from their own homes. Homeowners insurance will not cover home based businesses. However, the home based business investments are to be protected and you have to get a home based business insurance to protect your assets.

Product Liability Insurance:

If your business manufactures products for sale, then you need product liability insurance to be added to your business insurance. You may be careful in producing perfect and zero defective products. But one of your product may be defective and cause injuries to your customer. This may result in lawsuits claiming damages for the losses incurred.
A product liability insurance will take care of these lawsuit expenses and the resulting claims.

Commercial Vehicle Insurance:

Do you think that you can run your business without use of vehicles for your business purposes? " No" will be the answer for most of the businesses. You have to employ drivers for driving your commercial vehicles. When accidents occur to your vehicles, the drivers may be injured, vehicles may be damaged or third party properties may be damaged. Commercial vehicle insurance will cover all these incidental expenses.

Business Interruption Insurance:

Your business may be struck by a catastrophic event interrupting your business. You may even incur a big financial loss. You may even have to close your business for a temporary period till the damages are set right. Business interruption insurance will compensate the loss of income.


Conclusion:

The main advantage is that the insurance companies are ready to tailor the business insurance policies so as to suit your business insurance needs. You have to explain the representatives of the insurance companies about the type of your business, risks expected, strength of your staff, annual revenue and some other specific points. This will enable them to choose the right business insurance policy exclusively for your business type.