Business insurance is a big industry and the most common of these are property, liability and worker’s compensation. Any business that sells or produces a product or provides a service is required by law to have one of these three types of insurance. Property insurance covers business property damage, liability covers any injuries or damage that occurs on the property or as a result of products and services rendered and workers’ compensation covers damage or injury on the job.
Property insurance is a basic necessity when it comes to business insurance particularly if the building is owned and not leased by the business. This covers many different scenarios in and around the physical property itself from accidents to structural issues with the building itself. It will cover not only damages to the building, but to its contents as well against loss or theft.
Any company that utilizes machines to either produce of package their product can opt for what is known as “machine breakdown” coverage. This will assist in covering lost production time and loss of product due to major breakdowns. The crime and loss prevention coverage insures against theft of money and equipment along with burglaries.
Liability insurance must be in place at all times, particularly if the insured has customer traffic in their place of business. This will provide coverage for the business in case of accident or injury to the general public such as a slip and fall by a visitor. There are also many types of specialized liability insurance such as malpractice and E&O and choosing one of these will depend mainly on the type of business needing coverage.
E&O or Errors and Omissions insurance can cover accidental injuries to other people. Whatever the accident may be, it must be unintentional and not just a lapse in judgment, such as a doctor practicing without being covered by malpractice insurance. The coverage for this type of policy may cover all damages and the legal expenses as well.
Workmen’s compensation insurance needs to be provided by all employers for the protection of the employees. This will cover any accidental injuries to the employee while performing their day to day duties on the job. This also will provide coverage for any illnesses incurred while at the work place such as allergic reactions to something in the area.
State laws require that all companies and businesses with employees must carry workers’ compensation insurance. Each state differs however in the level of benefit amounts that need to be paid out with each claim. A local agent will know all of the exact stipulations needed to be followed for your type of business and your particular area.
No matter the type of business that needs insurance, one thing is certain, it is more a necessity than a luxury. The agent handling the policy can insure that the amount and type of coverage is exactly what is need for whatever type of business it may be. They can assist with custom building a policy to fit all the scenarios and legal requirements.
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