Business insurance can be broken down into different categories. Here is a brief overview of each one.
This insurance provides protection against any loss or damage to the business and its contents. It also can include any property that is in your control. It insures loss due to fire for example. When insuring the business property it is good to check what loss the policy will cover.
Business liability insurance costs vary from one insurer to the next, but more specifically from one business to the next as each is faced with a unique set of perils.
Some insures will group property and casualty insurance together. This package can be a better one to buy. Casualty insurance insures against loss or damage to the business.
This insurance insures against liability legally imposed upon your business because of negligence of the business or its employees. This means that it protects your business if it is sued.
Commercial Vehicle insurance
This insurance protects any damage to business vehicles and damage caused to others by those vehicles.
Workers Compensation cover
Your employees need to be insured against on the job injuries. If an on the job injury occurs an employee cant sue the business, instead the employer is required to payout for medical bills and damages.
If the business is unable to operate due to interruption, this insurance insures against loss or damage to cash flow and profit.
Most businesses will offer their employees health insurance. This is a benefit to employees as they receive health coverage.
Life and Disability Insurance
This protects the business against the death or disability of key employees. For example if a partner in the business dies and the business is the beneficiary, the other partners can then buy out the share of the decedents.
All business insurance policies are different. When you are looking for business insurance it is best to shop around and find one that covers exactly what you need.