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Business Insurance

Business Insurance Policies

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Most business owners have worked long and hard to own their own business and want to ensure that it’s protected against lawsuits, natural disasters or other types of damage. One of the best ways to protect a business is through an insurance policy designed specifically for business owners. Below is an informative overview of business insurance.

Business or commercial insurance provides protection against various things that can damage and destroy a business or cause financial loss to the business. It provides protection for not only the business but also the business owner. In addition to providing coverage for self-employed individuals, a business policy also offers protection against financial hardships due to the death or injury of an employee. It will even offer protection against legal claims or natural disasters such as fire, tornado, etc.

Business policies can offer a variety of types coverage based on what meets the needs of the business and business owner. The cost of the premium is based on the amount of coverage chosen by the business owner. A business policy may include the following types of coverage.

  • Liability Insurance – This gives protection against lawsuits and may pay legal expenses, medical expenses and many additional expenses that may occur as a result of a lawsuit. Businesses with more than one employee can purchase liability for each employee as well as for any vehicles that are used in the course of a business day.
  • Property Insurance – This provides coverage against physical damage to the property. Examples might be tornado, hail, lightning, fire, vandalism or theft.
  • Worker’s Compensation Insurance – This coverage helps pay benefits to employees injured or disabled on the job or to family members in the case of the employee’s death. It may be state-required.
  • Health Insurance – This coverage provides employees with health insurance to them and their family members. It may be required in some states.
  • Business Interruption Insurance – This coverage can protect the business or business owner from income or profit loss due to covered losses. It can also help pay monthly bills or employee payrolls.

The major benefit of a business insurance policy is that it can ensure that a business continues to make money despite and financial hardships it may occur. In many cases, it can make the difference in an individual keeping or losing his or her business. This is particularly true in regards to lawsuits, which can potentially destroy a business if the business is not adequately protected.

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