Business Insurance Quotes
Running a business involves considerable amount of investment. That's why it's important to downsize the financial risks associated with it by getting business insurance.
It's for the state government to determine the type of insurance required for various businesses. If you employee people, you will be required to pay workers' compensation insurance, state disability insurance, and even unemployment insurance. The requirements for business insurance types depend on the state you have business in. However, it's best to discuss the specific risks involved in your business with your insurance agent or broker, who may then advice you on the best business insurance to purchase.
Different Types of Business Insurance
General Liability Insurance
As a business owner with general liability coverage, you get protected against legal hassles that arise due to accidents, injuries or negligence claims. With general liability insurance policy, you get protection against making payments on claims for property damage, libel, bodily injuries, medical expenses, slander, among other such things.
Product Liability Insurance
If you are a wholesale manufacturer, a distributor, and retailer, you may require safety for your produce. Product liability insurance gives you protection against any financial loss that may result due to an injury or bodily harm caused due to a defective product. The insurance amount is dependent on the nature of product you manufacture or retail. For ex: clothing retailer will have reduced risk as compared to an electronic appliance store.
Life and Disability Insurance
As the name suggests, this business insurance protects your business interests against threats such as death or disability of primary employees. Here's an example. If one of the partners has a life insurance policy with the partnership as the beneficiary; incase of his/her death, the proceeds of that partner's insurance policy may be used by his partners to buy out the decedent's share in the partnership.
Professional Liability Insurance
This is one type of business insurance that business owners in the service industries should consider having as it offers protection to your business from claims arising due to negligence, malpractice, errors, and related issues. Professional liability insurance is dependent on the requirements of your State govt. for this type of policy. For example: doctors should have malpractice insurance in order to practice in many states.
Property Insurance
Commercial property insurance provides coverage for issues related to losses and damages to property used for business against eventualities like fire, wind, hail storms, vandalism, arson, and civil disobedience. Property could include interruption of business, loss of income, computers, company documents, damage to buildings, and loss of money.
There are two types of property insurance: a) all-risk covering an extensive range of dangers and damages over and above those mentioned in the insurance policy (broadly include risks faced typically by small businesses); b) risk-specific covering risks specified in the insurance policy (bought by those who work in high risk areas).
It's best to consult an insurance agent or broker to know more about the type of business insurance policies that suit your business the best.