4 Types Of Business Insurance
Every potential risk is covered by insurance. Insurance companies differ in terms of price and coverage. Your insurance agent or broker should go over your specific company risks and insurance options. Desmond insurance can advise you on the types of coverage you should consider.
Here are the different types of business insurance you should know about.
General Liability Insurance
General liability insurance is purchased by business owners to cover legal costs associated with accidents, injuries, and allegations of negligence. This insurance covers personal injury, property damage, medical bills, libel, slander, the cost of defending litigation, and settlement bonds or judgments required during the appeals process.
Professional Liability Insurance
Professional liability insurance, often known as omissions and errors insurance, is recommended for service-oriented businesses. When offering services to clients, this type of liability insurance protects your organization against mistakes, blunders, and negligence. Your state government may require you to carry out such a policy depending on your occupation. For example, in some states, physicians must obtain malpractice insurance before practicing.
Product Liability Insurance
A product's manufacturer, wholesalers, distributors, and retailers may be held responsible for its safety. Product liability insurance protects you from financial costs resulting from a faulty product that causes bodily harm or injury. What you sell or make determines how much insurance you require. A clothing store, for instance, would be far less vulnerable than a small appliance store.
Commercial Property Insurance
This type of insurance usually covers any loss or damage to a company's property caused by a variety of calamities, such as fire, smoke, wind, hail, civil disobedience, and vandalism. Lost income, business interruption, buildings, computers, company papers, and money are all examples of "property."
There are two types of commercial property insurance, and they are:
1. All-risk plans cover a wide range of accidents and perils, except those specifically included in the policy; and
2. Peril-specific insurance policies cover only losses caused by the risks named in the policy. Peril-specific plans include fire, flood, crime, and business interruption insurance.
Hazard-specific insurance is typically obtained when there is a high risk of peril in a specific location, whereas all-risk policies cover risks the average small business faces. Desmond Insurance can help you choose the appropriate commercial property insurance for your small business.
Knowing insurance types helps you understand what you need and how these insurance plans would benefit you. Choosing the right insurance agency would help ensure that you get the best out of your insurance.
At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.
9/16/2022 06:56:25 am
My friend wants to make sure that he protects his business. It makes sense that he might want to get the right insurance for that! That seems like a good way to ensure that we handle everything properly.
2/1/2023 10:10:57 pm
I found it interesting when you said that you could have legal cost insurance to protect from injuries or accidents. Last night, my companion told me he planned to have a business insurance plan to prevent potential risks from financially draining his clothing business. He asked if I had any idea what could be the best option to do. Thanks to this informative article, I'll tell him he can consult a trusted insurance agency as they can provide more information about the best plans and coverage.
2/20/2023 01:26:34 pm
It's helpful to know about different types of business insurance plans and what they usually cover. I heard my aunt wants to open a small coffee shop next year and is working on her business plan right now, so I'm positive she'd benefit from reading your piece about insurance plans. I appreciate your information on commercial property insurance and how it protects your property in case of natural disasters.
3/23/2023 08:17:36 am
With all the available options for insurance, choosing the right one and making sense of all the information can be quite a challenge. That is why working with an insurance broker is always a good idea.
3/24/2023 11:18:21 am
This article does a great job of breaking down the different types of business insurance and what they cover. It's important for business owners to understand the risks they face and how insurance can protect them. Desmond Insurance's recommendation to work with an agent or broker to assess your specific risks and coverage needs is spot on. Overall, this is a helpful guide for small business owners looking to protect their assets and manage their risks.
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