Business insurance is the basic need for all kinds of business no matter what the size and the nature of the business is. There are different aspects of a business that should be considered while looking for a business insurance or reviewing your current insurance coverage. Different businesses have different insurance requirements. They are discussed below:
WORKER’S COMPENSATION INSURANCE
Almost in every state of the US, worker’s compensation insurance is required by law. For an employee who falls ill or becomes injured, it provides coverage for treatment costs and any portion of salaries that have been lost. Worker’s compensation insurance only covers injuries or illnesses which occur on the work site. Read more.
GENERAL LIABILITY INSURANCE
This kind of insurance is designed to protect you and your business from different kinds of claims such as injury, accident, or negligence claims. This kind of insurance can help pay for things like medical expenses, libel, damaged property, slander, medical expenses, legal costs, and faulty products. Learn more.
PROFESSIONAL LIABILITY INSURANCE
This insurance is also called “Malpractice insurance” or “Errors and Omissions Insurance”. This insurance helps to protect you from lawsuit that alleges professional services negligence, making omissions or mistakes, providing inferior work. For a business which is based upon service, this kind of insurance is important. But it can also be required for other types of businesses. Read more here.
The term “property” can mean differently depending upon the types of business. So it is important to have Commercial Property Insurance. Most small businesses would not be able to change without this insurance coverage. Properties covered by this insurance can include equipments, supplies, computers, inventories, and buildings. Property insurance can be of two types: (1) “All- Risk” policies which are a good way to avoid duplicates as well as gaps liabilities coverage. (2) “Peril specific policies” or “named peril” coverage that is applied only to those perils that are particularly mentioned in the policy. Read more here.