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Business Insurance

Business Insurance Policies

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Business insurance is insurance coverage that protects businesses from losses that may occur. These losses can be to the property of the business itself. Losses can also result when others make liability claims against a business for damage or injury alleged to have been caused by the business.

Business owners should always insure their business. While it might be tempting for those whose businesses don't have a lot of inventory or capital investments to think that they don't need to protect anything, that could not be further from the truth. First party coverage will protect the property belonging to a business. However, liability or third party claims are often the most expensive claims to defend and to pay. These liability claims often result when a business is alleged to have done something to cause injury or damage or failed to to do something to prevent injury or damage.

All insurance, including business insurance, is based on the principle of the law of large numbers. By having large groups of similarly situated insureds paying premiums, the risk is spread over a large group rather than a small group. The likelihood of a loss breaking the bank is less when many are paying premiums and the risk is spread.

Insurance for businesses is designed to protect the assets of businesses. In order to provide this protection, different coverages must be considered. While not all coverages may be needed, business owners should at least consider the following types of coverage.

 

Property Insurance

General Liability Insurance

Product Liability Insurance

Professional Liability Insurance

Workers' Compensation Insurance

 

The benefits of insurance are many. Business property insurance protects the physical assets of a business while business liability insurance provides protection against financial loss that may occur if someone successfully presents a case for negligence against a business. And finally, Workers' Compensation insurance provides for injured employees while also protecting the business owner. All of this translates into a major benefit and that benefit is financial protection and peace of mind.



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