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.

Conclusion
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.