What is Business Insurance?
From specialized protection to minimum coverage, you can get business insurance that matches each stage of your company’s development accurately.
Basic business coverage:
• Illnesses, accident, lawsuits – when you are in business, you will always be exposed. Although the risks you might be exposed to are unlimited, you may require basic coverages when starting out.
• Commercial auto insurance – in case you use automobiles for work, you will need to insure the vehicles you use to do business. Personal policies cannot cover any work-related incidents.
• General liability insurance – whether you are running a small, old or new, you will require general liability insurance; This is a primary liability protection that will guard you against injuries, accidents, lawsuits, and property damage.
While the business grows
As your company grows, you will realize that your needs go beyond basic coverage. For instance, certain jobs need specific policies, workers need protection and some risks may fall outside the coverage offered by the basic policies.
When business plans are packaged together, often it is known as Business Owners Policy. This coverage includes:
• Business income interruption – in case your plan includes property coverage, you will have coverage in case your business interruption. For instance, when you have property claim, and it’s preventing you from running your business, this coverage can help you to pay for any income you lost, rent expense, and employee salaries.
• Property – this coverage protects commercial buildings including your personal properties. Usually, liability covers assets belonging to others, not yours.
• Professional liability – are you offering professional advice or professional services of any kind? If you do, it advisable to have professional insurance.
The cost of this coverage is influenced by factors such as:
• The years you have run your business
• Type of business
• Number of employees
• Coverage you require
Consider getting business coverage today to be on the safe side.