When most people venture into business, insurance is one key component that tends to be forgotten. Insurance is an essential part of any business no matter how big or small. When starting a new company, there are many risks involved. To mitigate the risks of these unforeseen losses, it is imperative to buy Business Insurance. This form of insurance allows one to cover their business properties and vehicles, provide health insurance to the workers and insure against liability claims. Here are the three commonly asked questions commercial insurance.
What are the different types of commercial insurance?
There are five major types of commercial insurance:
- Liability insurance:
- This form of commercial insurance covers the business for damages caused by legal liabilities. For instance, if someone slips or falls on the property.
- Products liability insurance:
- It covers the business for damages caused by a defective product manufactured, designed or supplied by the business.
- Business interruption insurance
- Business interruption insurance allows the business to make up for lost profits and cash flow incurred due to an event that has interrupted the normal business operations.
- Health insurance
- Health insurance provides health coverage for both the employer and employee.
- Workers’ compensation insurance
- Worker’s compensation insurance covers employees if they are injured on the job.
How does one buy commercial insurance?
To buy commercial insurance, one must go to an insurance professional, either a broker or an agent. The insurance professional will ask questions to determine the best insurance policy that matches well with the needs of the business. The insurance professional may also visit the business premises to assess the likelihood of the risks is occurring. This will help them determine the monthly premiums one should pay.
Can one get a policy that combines the different forms of commercial insurance?
Depending on the insurance one chooses, it is possible to get a policy that combines all the benefits of the various types of commercial insurance. For instance, a Business Owner’s Policy (BOP) includes property, liability, casualty and business interruption coverage.
Business Insurance protects both small and large companies from suffering huge financial losses caused by the occurrence of unforeseen risks. To get the best commercial insurance services, only choose a well-established and reputable insurance company. For additional details about commercial insurance, and how to contact the best insurance provider, visit website.
Watch our Video on You Tube.
