Business Insurance Online
Business insurance is an essential new hire for any business owner. It should be a top priority when starting a new company because it protects your company with liability coverage in the event of an injury or property damage that you are responsible for. You can protect your physical assets and intellectual assets, which can save your business from bankruptcy in the event of a major accident or lawsuit.
In this post, we will go over different types of business insurance and what type is best based on your situation.
What is Business Insurance?
Business insurance is a form of coverage that protects your business in the event of an accident. It covers lawsuits, theft, physical damage and more. It should be used to protect you from risks that your business may face and to protect yourself from personal financial loss. Business owner's policies are also known as "umbrella policies" because they are set above and beyond standard policies that all businesses have like general liability or commercial auto insurance.
Benefits of Business Insurance
The main reason for having business insurance is to minimize the risk of loss for your company. The potential damage costs for a single lawsuit can exceed the annual revenues of some small businesses. For example, if you have a $100,000 annual auto insurance policy and a $1 million lawsuit damages your car, there would be no coverage for the additional $99,999 of uninsured losses. That amount could eventually become crippling to your business and your personal finances.
Types of Business Insurance
There are four main types of insurance that you will want to consider:
General liability insurance protects the company from a wide range of incidents such as; injury or property damage caused by people employees or visitors at the business site. It also covers claims against employers for injuries or property damage caused by employees.
Product liability insurance protects against lawsuits filed against you because of faulty products. This covers losses from a defect in your product, not necessarily because of carelessness or recklessness on your part. Also, if somebody just trips and falls on your property, this type of coverage still covers that as a liability claim.
Workers' compensation protects against injuries to employees while they are on the clock. It pays their medical expenses and replaces their income if they cannot work for an extended period of time due to an injury or illness.
Commercial auto insurance is similar to personal auto insurance but offers more coverage for vehicle damage and bodily injuries related to accidents involving company cars.
Who Needs Business Insurance?
Business insurance is needed by all businesses that may be held liable or responsible for damages. For example, if you are a home-based business or your office is located in your home, then you will need to consider the general liability coverage. If you have employees, then you need workers' compensation. If you run a business on your property (like a restaurant), then you need commercial auto insurance.
Commercial auto insurance can be found through companies like: http://www.progressivecommercialauto.com/
Business owners should consider having umbrella policies because they offer additional protection beyond their standard coverages and can help lower your overall costs of operating a company. However, overinsurance can also be an issue as small businesses may struggle to find standard coverage for certain risks.
The rates for business insurance can be cheaper when you have both excess and deductibles in place. It is a good idea to take your liability limits per occurrence into consideration when comparing companies and policies because they will help determine how much your policy will cost per year. You should also take into account the additional costs that come with higher limits or excess coverage.
Essentially the most important part of any business is its success so it's natural to think about how you would feel having endless court cases against you and your company being unable to pay the damages out of pocket. This is the main reason for most small businesses to have some form of coverage. I would recommend anyone starting a business to look into this as it could end up saving you hundreds of thousands of dollars later.
http://www.bbb.org/houston/business-reviews/insurance-brokers-and-agents/harvey-lewis-cooperate-inc-in-spring-tx-100089844/
http://www.abc12.com/story/23087573/deciding-on-business-insurance
http://www.agricequity.com/wholesale_equity_brokerage_insurance.html
http://www.greentomatoes.com/businesses-websites/articles-and-videos/how-to-find-the-best-business
Insurance coverage is not just for the big companies, we all need insurance to protect ourselves if unexpected events occur in our lives. This review shows what it is and how you can use it to your benefit. It is a great way to make sure you have a good day to day life.
http://www.independentagentnetwork.com/index.php?option=com_content&view=article&id=2443:small-business-insurance-a-quick-guide&catid=12:insurance&Itemid=25
https://www.freelancerinsurance.com/why-freelancer-insurance/
https://www.btexchange.co/blog/three-ways-to-keep-yourself-protected/
Types of Business & Commercial Insurance: General Liability, Workers Compensation, Commercial Auto, and Professional Liability – http://www.cardinalinsurance.com/licensing-state-minimum-requirements.html
http://www.theadvocatesjourney.net/all-businesses-need-business-insurance/
http://www.slickchicksandtools.com/the_importance_of_indemnity_coverages/
http://www.shadowvault.com/?p=13
Businessowner's Insurance Information – http://www.businessownersinsuranceinnformationguidebook.com/
https://www.irsctfscanada.ca/en/Pages/1025.aspx
http://www.businessfinancecare.com/small-business
http://www.bankrate.com/brl/brlhome.asp?cur_id=4&ex=7&p1=1&sms_live=true&utm_source=google&utm_medium=email
https://www2.wegovizeline.org/
United States Small Business Administration
http://www1.guam-insurance-info-guidebook-smallbusinesses.com/?page_id=172
Canada Small Business Insurance Guide, http://www2cbcmediawatch.
Conclusion
http://www.franchising.com/blog/2016/10/28/insurance-on-a-small-businesses-must-have-list
https://www.point2homes.com/blog/2008/03/26/home_business_insurance_brokers_are_great_for_small_businesses
https://www.forbes.com/sites/toddhughesconsultingenterprisesinc/#2331b9d91896
https://www.sba.