Posted on11 October 2011.
If you?re a business owner, then you may have wondered whether or not you need business insurance. Accidents do happen, and you want to make sure that you?re properly insured just in case something happens in the future.
There are many different types of business insurance that are used by varying companies for different coverage. The main types of business insurance are:
- Property and casualty insurance
Property insurance covers the actual physical location of your business and the contents of the building and/or property. This insurance will cover you in the event of a fire, flood, theft, earthquake, and more. Property insurance is typically combined with casualty insurance, which covers the operation of the business.
This will cover you if you are sued for negligence. A common example of this type of situation is if a person falls and injuries him or herself on your property.
- Commercial auto insurance
This type of insurance covers your company for loss or damage to those vehicles that are used by your business?and damage cause by those business-related vehicles.
- Product liability insurance
This covers you for damages that are caused by a product manufactured, supplied, or designed by your company.
Possibly the most common type of business insurance, health insurance provides health coverage for both you and your employees and staff.
- Business interruption insurance
If an event occurs that interrupts your typical business operations, this insurance can help to make up for the profits lost.
- Life and disability insurance
This type of insurance is also very common and covers your company in the event of the disability or death of owners, employees, or partners.
- Workers? compensation insurance
If you employ anyone, then you are required, by law, to take part in workers? compensation programs. There?s no getting around this one!
The truth is that anyone can be sued, and if you don?t have insurance, then judgments can be collected through a variety of methods that can be damaging both to you personally and to your business. In fact, the smaller your business is, the more likely that you would be held personally responsible for any debts or judgments through your personal assets.
As you can see, all businesses, regardless of size, would benefit from business insurance. So get on the internet and get some online insurance quotes to make sure that you and your business are totally covered in the event of an accident.
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Source: http://www.banthespam.com/do-you-need-business-insurance-1170.html
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