Types of Business Insurance Explained

​Regardless of the scope or type of your company, business insurance is still needed. We will discuss here the importance of having one, or if you already have, what type of policy can your business benefit the most. This is because not all businesses are the same, and what you exactly need is insurance that would fit your requirements.

I already have an insurance policy, why should I get another one?
If you already have an existing policy, it is recommended that you have a thorough review of its type and coverage. It is better to be aware that a manufacturing company may need a different set of insurance compared to a business that has a scope of contracting services. Generally speaking though, companies may have some likeness, and we listed below some types of insurance that you should consider specifically for your business.

1. General Liability Insurance
   Also called business liability insurance, this policy covers general claims which involve injuries to workers and damage to properties caused by your services, products, or processes. Because of this, general liability insurance is a must for every business. Expenses such as medical costs and legal fees can be covered by Business liability insurance.
   
   
2. Business Property Insurance
   All companies need Business property insurance, and this applies regardless if you lease a place, own a building, or even home-based. One of its coverage is commercial property insurance that mainly secures your business’ physical assets from emergencies such as explosions, fire, busted lines, storm, theft, and even mischief. 
   
   The commercial property insurance policy offers protection to your structure, building, all things that are inside, and at within the property,  including:
    - ​Computers sets
    - Equipment and tools
    - Furniture
    - Improvements and exteriors 
    - Documents
    - Operating Supplies
    - Miscellaneous properties
   
   
3. Workers’ Compensation Insurance
   Since this insurance is mandatory for businesses in most states, most likely, you already have one for your company.  It covers medical costs and a computed percentage of wages lost when an employee got sick or injured while performing his or her duty. 
   
   Different states have a varying set of laws about worker’s compensation. It is recommended that you verify these coverage regulations so that you may know what specific compensation you should be getting for your business.
   
   
4. Key Executive Life Insurance 
   While there’s a specific worker’s insurance for workers, it is also recommended that you have a policy for top managers and executives of your company. They are the employees who have functions that are key to business operations, and offering this policy are attractive benefits so that you can either keep them or draw new top-caliber recruits. 
   
   Key Person Insurance help protects against the executive’s unexpected death and this is computed as benefit-cost equals the projected revenue losses and amount needed for a new deployment. 
   
   
5. Professional Liability Insurance 
   This type of insurance is to protect the company from accusations that it has consciously neglected the performance of your services or finished products are not per specifications. Errors are sometimes committed but can still sometimes be corrected without much effect on the business.

  
Conclusion
Considering all the details given above, it is recommended that you should take a closer look at the existing policies of the business, and consider those that you don’t have yet. You may do this annually when most policies get to be renewed so that you may be aware of the policy that you specifically need for the company or what benefits you most.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the 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.