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Business Insurance
Building up a business is a difficult task and you would always be looking forward on how things will work out. However, there are things you should take into consideration like accidents and liabilities. These are disasters that could wipe out everything you have built up for many years.
Business insurance can help you cope up with any losses that your company may incur in such situations. Below are some of the insurance policies that you can use to aid you in most of the risks that you may come across in your business.
Types of Business Insurance Policies
Property and casualty insurance: Provides protection in most risks involved in a property, ie. theft, fire and weather damages. Also protects owner‘s property from being taken as a compensation for others in settling legal disputes.
Liability insurance: This policy covers claims for the insured’s liability for injury or damage resulting from manufacturing operations, sale distribution of products, operation of machinery, ownership of property, contracting operations or professional services.
Worker’s compensation insurance: This is a system established under the state law providing payments to an injured employee during employment, no matter whose fault it is. The policy covers liability enforced on certain employees that were killed, injured, or acquired sickness due to his/ her job, ie. the insurance will provide the benefits to your employee or to the people dependent to them.
Professional liability insurance: Protects professional practitioners like doctors, architects and physicians against claims on negligence from their clients. If your business employs professionals, this would be helpful in cases of carelessness resulting to an injury or loss of property of your clients.
Directors and officers liability insurance: Protects officers and corporate directors liabilities that come from breach of duty, wrongful acts and errors in judgment. If they are sued for wrongful acts during their service in your business, the policy will cover for any losses or costs in the hearing of their case.
Business owner’s policy (BOP): Combines the liability and property insurance for small and medium sized businesses.
Commercial auto liability insurance: This will cover for business’s assets in the event that there is an accident while driving a commercial vehicle.
Group life insurance: A life insurance given to a group of people under a single master policy.
Group disability insurance: This has coverage for loss compensation due to sickness and accidents in a group of individuals. |
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