Types of insurance policy for small business owners

There are number of policies which a business generally required but in case of small business owners this is not possible and somehow they do not need all of them.
  • Auto insurance: Commercial insurance for vehicles is a secured insurance for company’s vehicles. Vehicles such as those which carry employees, equipment’s and product. With insurance being a business entrepreneur one can save all the cars, vans and trucks from any damage and collision. In some places employees are using their own cars for the purpose of business so the employer should have non-owned auto liability it will save company and employee both in case employee does not have an insurance. Non-owned insurance policy can be added to business owner’s policy.
  • General liability insurance: Liability insurance policy is one of the general insurance which should be owned by every business owner even if the business is home based. It protect one from any damage caused to third party. One should have an insurance consultation to ensure whether the agency is providing such type of commercial insurance or they provide it separately.
  • Property insurance: If business owner owns a building for business then all the things including equipment, inventory and tools should be protected with insurance so these things can be secured. Insurance will be helpful in case if there is fire, theft and any other damage.
  • Workers compensation: This is considered as a benefit to the employees who are injured or harmed during work. This provide medical treatment and salary replacement to the employee or to the family. This insurance is beneficial for employer and employee both as it provide protection during legal complication. There is a variation in all states but it is required by every state to have worker compensation.
  • Errors and omissions insurance: This insurance provides damages and defense in case of failure or rendering improper professional services. If one just have general liability insurance then this protection cannot be achieved. This insurance policy is best for the firms like accountants, consultants, real state agencies, salons and IT firms.
  • Homeowner’s insurance policy: It is one of the important and common insurance policy which is essential for every house owner. It protect owner against damage to the hose or things inside. It also provide protection against damage from outside or anything happened due to your own faults. This is not part of commercial insurance but in case house is used for business then it should be insured to be on safe side.

Comments

Post a Comment

Popular posts from this blog

What is Personal Liability Insurance? Do you need coverage?

Personal liability arises from the event of an accident whether in or out of your house, resulting in physical injuries or damage to the property to someone other than you for which you are help liable on legal basis. The claims in personal liability can be legal fees, medical bills or other if a guest is physically hurt within the premises if your property. Along with that, you are also responsible for coverage for accidental damage caused to someone on other’s property on legal grounds. In case, you are secured with personal liability insurance plans, you can easily about paying out for these incidents from your pocket up to the limit of coverage. This makes it important for you to have  Personal Liability Insurance Coverage . Make sure you have made it included in your best home insurance policy. Well, now that you are pretty clear about personal liability, how you are responsible for any injury and why is this important for you, we should give you a practical example for furthe...
Read more

Differences between home insurance and commercial insurance

With modern time and increase in awareness people are considering the importance of insurance more than before. Nowadays before people plane to buy or build anything the first thing which come to their mind is that from where and how that can get it insured and it is one of the good step they will take because everyone want to have a safer side while investing their money in proper way. There are many different types of insurances available but the most common and most adopted are home insurances and commercial insurances and they are considered separate because they are different although with minor similarities. Let we see how they are considered different from each other. In the home insurance, the insurance is usually named after an individual or a couple but in case of  commercial insurance ; there is no such restriction as they can be named after number of people or parties depending on the ownership of the business or property. Although there are many disputes on who is r...
Read more

How business can be anchored through commercial insurance?

Being good to go and to be on the more secure side you have to anchor your property and your workers. These things can be anchored in the event that you go for business insurance which is considered as a sub class of commercial insurance. Business insurance covers most usually the risk, property or more all representatives. While going into points of interest each class is worried about particular things in the business: Property insurance:  Property insurance is covering property of the business to come over any harm. Employee insurance:  If any episode occurred amid work and any of the representatives is harmed, this insurance will repay it. Liability insurance:  Liability insurance is one of the real sorts of  commercial insurance  which is required by each representative. It is required to remunerate the harms to the outsider or that can be a customer or any colleague or anybody of them.  Business individual may require some more things which sh...
Read more