Business Insurance

 

Business Insurance 

 

 

The Many Types of Business Insurance

 

Business insurance comes in many forms.  There is no standard, one-size-fits-all policy.  The coverage that you need depends on what your company owns, the products it sells and/or the services it provides. 

 

Practically all businesses need a liability policy.  This policy covers accidents for which your company is responsible.  A customer slips on the ice in front of your building.  Your employee knocks down a child while sweeping the floor.  Those are liabilities.

 

Any automobiles or equipment used by your employees must be insured.  You may need full coverage or liability only, depending on the age of the vehicles.  These policies may be separate or included as addendums in a larger policy. 

 

Those companies that have branches outside of their own country need expatriate policies.  The policies provide protection for automobiles, property, health and other aspects should a coup or war arise.  Other damages may be covered depending on how the policy is worded.

 

One type of business insurance is extremely popular and practically indispensable.  It is called financial loss.  A financial loss policy provides protection against certain risks. 

A hurricane interrupts production or makes it impossible to make sales.  A fire in a factory causes delays and stops production temporarily.  This policy will provide some income during the downtime. 

 

Your company could purchase a policy that protects against the costs of legal action.  This is referred to as a Legal Expenses policy.  Malpractice coverage is something with which most doctors are intimately familiar.  Other healthcare providers may benefit from this kind of policy as well.  Depending on how it is written, it may include a Legal Expenses Policy or make one unnecessary.  

 

Some industries need pollution coverage.  These policies are something like the liability policies mentioned above.  They cover the accidental release of hazardous material that injures individuals or their land, air or water. 

 

The policies also cover cleanup if that is necessary.  For businesses that handle or transport hazardous material, it’s good coverage to have.

 

Business insurance can cover any physical property owned by the company, such as land and buildings.  It can cover the contents of buildings or storage sheds. 

 

It is always important to read the policy carefully to be sure about what is covered.  If your employees handle expensive breakable items, you will want to make sure that those items are covered. 

 

In areas where shoplifting or theft is a problem, you may need a special policy.  Sometimes, that kind of business insurance is difficult to get.  But you should be able to get some kind of protection if you shop around.

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