Business Insurance

Business Insurance Policies

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Many owners of small businesses are frankly ignorant of the level of coverage they are legally mandated to carry and, also, how they can work toward the goal of acquiring adequate coverage while also cutting down on their insurance costs.

Minimum coverage

The level of coverage that is meets the legal minimum will vary from state to state and the type of business that is being insured. The larger the business (and the more potential risks that go along with it), the more coverage will be likely required.  At the least, most business owners should carry property, casualty, and general liability coverage. If the business has employees, then one will probably need some type of group health along with workers’ compensation coverage. If vehicles for business operations are used or if private cars are utilized for the same purpose, one will need to also buy a commercial auto policy too.

Underinsured Risks

Many entrepreneurs are under the mistaken impression that they can safely and easily manage costs by simply chopping their total coverage. This, obviously, will be true unless and until the need for good and ample coverage actually arises. Should an accident or injury happen, the business owner can end up regretting that those costs (and coverage protections) were reduced. Meeting just the minimum requirements may result in a minor issue transformed into a major problem and costly ordeal. Once the minimum coverage amounts are exhausted, the owner’s own finances (or the company’s assets) are then vulnerable, leaving the business owner to rue the day that the cost cutting was enacted. It’s the old adage of stepping over a dollar to pick up a penny…

Kinds of coverage

There is a myriad of types of business insurance and, depending on the kind of business, one may choose some or even all of them. General liability coverage is what safeguards the business from claims resulting from accidents that cause injuries as well as general risks like slander or libel. Product risk insurance is what provides protection for the risk of defective products that end up causing some kind of harm to consumers. Commercial property insurance covers the offices, manufacturing facilities, etc. (This is similar to homeowner’s insurance protecting one’s home.) A commercial car policy covers owned or leased vehicles that are used in operation of the business. Malpractice or errors and omissions coverage protects the business owner from a mistake or negligence in the provision of professional services.

Big benefits

Having this business coverage will allow an owner to rest assured in knowing that his or her operation is protected from financial catastrophe resulting from both natural disasters and problems in providing products and services.