Analyze Different Types of Insurance Coverage That Your Business Needs

When it comes to choosing a business insurance for your company, it is important to understand how each type of coverage protects your business and your employees from risks. There are various types of business insurance that you can obtain for your organization.

• General Liability Insurance : This insurance coverage protects your business from financial losses that may arise due to medical expenses, injury, slander and lawsuits alleging that an employer’s negligence is responsible for a job-related injury. Apart from this it also covers various risks relating to employee’s claim for hiring, promoting and terminating. It covers all on-site and job site accidents.
• Professional Liability : It provides protection from third party claims of intelligence in the performance of professional duties. The business owners use this coverage to get security against payments on claims related to errors or omission in the service of the client. It has different names based on profession it covers. For example in medical terms it is known as malpractice and insurance agents, lawyers use errors and omission for professional liability.
• Product Liability : The product liability refers to a manufacturer of the product being held liable for selling defective goods to customers. If a company manufacture, sell or distribute products than product liability insurance is the right option to protect a business against financial losses that occur due to defective products.
• Property Insurance : This type of insurance covers all the losses to buildings and contents that you use for business whether it is owned, rented or leased. This coverage insures the value of building during construction and protects the cost of structure, equipment, supplies and documents from fire, hail, explosions, earthquake and other disturbances.
• Owner’s Health Insurance : The health insurance of owner covers all the medical expenses like fee of doctor’s visit, medical care, surgeries, medicine and more. A health insurance helps your business to stay healthy due to coverage of all extra medical expenses. There are diverse options for business health insurance policy; that an owner can choose according to their business needs.
• Owner’s Disability Insurance : If business owner may suffer from an inability to maintain work due to serious illness, injury or condition that cause health problem than disability insurance kick in to save the business from harm. This policy will cover business inventory, employee expenses, and owner’s living expenses.
• Worker’s Compensation Insurance : The worker’s compensation insurance policy covers all expenses of employees related to a job like injuries, illness, lost income or permanent disability. It is mandatory for all organizations to cover this insurance according to law. This insurance is introduced to ensure the security of compensation to workers in case of serious issues.
• Business Automobile Insurance : This automobile insurance is a very important factor for the business that conducts delivery of products or services through vehicles. The commercial auto insurance covers all legal liabilities resulting from injury or damage caused by the vehicle used in business. It includes all rented or owned vehicles damage from hail, fire ,accidents or other risks.
• Other Business Insurance : Apart from all discussed liabilities, some more insurance coverage like robbery, crime coverage, money orders, cyber security risk coverage, tax audit, employment disputes, license protection etc is there that need to be considered according to needs and nature of business.