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Different Types of Business Insurance That You Might Need

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Published
02/21/2019

Whether big or small, every business should have an insurance cover. Your business should be protected from accidents, natural disasters, legal disputes and ensure employees are covered. However, every business is different and it may require a different type of insurance. This article will enable you identify the appropriate insurance for your business. The following are different types of business insurances to consider:

1. Liability Insurance

Your business might get sued due to negligent acts or omissions that cause harm to others. Liability insurance offers protection and payment for damages caused by your business for both property and bodily injuries. This type of insurance covers faulty products, slander, legal costs, medical expenses and property damage expenses. When shopping for the business insurance, ask for liability insurance quote from different insurance companies.

2. Business Property Insurance

A property insurance ensures that the business property is covered for any damages that might occur to the property. This is regardless of whether or not the business owns the business property. The business property insurance covers the furniture owned by the business, computers, equipment and inventories. It covers damages caused by fire, theft or storms. This insurance, may cover expenses to prevent the property from getting further destroyed by fire or storms. Most business property insurance, do not cover the property destruction by natural calamities such as floods or earthquakes.

3. Workers Compensation

This a law requirement in different countries. As a business owner, it is mandatory to have an insurance cover for your employees. In most cases, this covers for the medical expenses for an employees who has been injured at your business premises. Additionally, it can compensate the wage of the employee who falls sick while working at your business. Have an expert help you evaluate the best workers insurance.

4. Business Automobile Insurance

This insurance covers all the vehicles that are used for running your business. It covers the damages to the vehicles resulting from theft, fire, accidents and collisions. It operates almost similar to the personal auto insurance. It covers both bodily damages and property damages caused by your commercial vehicles to others. The automobile insurance can repair or replace the business vehicle that was involved in the accident or theft.

5. The Professional Liability Insurance

This insurance is also known as the malpractice or the Errors and Omissions coverage. This is suitable for businesses that give professional advice or recommendations to their clients. If your business offers a professional advice or recommendation that caused harm to the client, the affected client can successfully sue your business. This insurance will cater for the legal fees and compensation of the client. Sometimes errors are inevitable, therefore it is necessary to have this coverage for this type of business.

There are many more business insurance covers you can take for your business, depending with the nature of your business. Ensure that your business is protected against all possible losses and risks. Have an insurance agent or a lawyer help you with finding the most appropriate insurance for your business.

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