General Insurance
When a business owner is looking for insurance, they may want to review all the different types of plans available to determine what kinds of plan, or combination or plans is best suited to the needs of their business.
Business Owners Policy
A Business Owner’s Policy combines several categories of coverage to provide overall basic coverage for small businesses. This generally applies to companies that have less than 100 employees and is less expensive than purchasing all the components separately.
General Liability
Generally liability coverage is a type of business insurance plan that covers a business from general lawsuits. This type of coverage would be used if someone slipped on the premises due to an unattended spill and was injured and sued for damages. This also covers for damages relating to marketing and advertisement as well as for suits for libel and slander.
Product Liability
This coverage is purchased for businesses that produce a good. This coverage protects against losses arising from injuries sustained from the use or malfunction of the product itself. The more dangerous a product, or the more a product is sold, the higher amount of product liability coverage should be purchased to protect from potential losses.
Professional Liability
This form of business insurance plan is for those that provide a service, instead of a good, such as a doctor, accountant or consultant. It is often called errors and omissions insurance. This coverage protects the business from financial loss arising from malpractice on part of the insured leading to lawsuits filed by injured parties. Directors and Officers insurance is similar and protects a business owner in the event they may a misjudgment that causes a loss to another party when acting on a Board of Directors.
Commercial Property
Businesses may have large buildings they operate in, and a large amount of expensive supplies or equipment used in the operation of the business. Commercial property insurance covers the business in the event of damage or theft of this property or building. Different deductibles and limits can be purchased to change the rate.
Business Auto
Some businesses use automobiles in the course of their business and need a business insurance plan for their fleet. These policies generally come with higher limits and less restrictions on use than personal policies to allow for the uses a business will need. The rates will depend on the use of the vehicles, limits, and number of vehicles and drivers.
Employee Benefits and Plans
Businesses often need to purchase insurance plans for their employees. Workers compensation insurance is required by law for businesses to carry. Other coverages, such as health, life and disability policies are often purchased to attract and retain employees.
Business Interruption
There are business insurance plans that can provide assistance in the situation your business is not able to operate in the event of a covered situation. The percentage of the benefit is often based on percentage of normal income for the business and is determined by the terms of each policy.
Other Plans
Other plans are available to fit the needs of all businesses. These can also be coverages needed by individuals such as flood or earthquake policies, as well as business specific needs. Garage operators’ policies, boiler policies, and business marine policies all are offered for business owners needing the coverage. Business insurance plans are also available that provide coverage for travel needs. Policies can also be purchased to help counteract the lost income when a key member of the business passes away.