A business insurance policy usually bundles liability and property insurance. This type of coverage is fairly broad and very economical. Business insurance policies typically include the following elements:
Building Insurance
It is important that business owners have proper building insurance cover. The cost involved in repairing damaged buildings is very high and could cripple a business.
Professional Liability Insurance
Professional liability insurance provides cover for the business owner against any losses sustained in his or her professional capacity due to negligence.
General Liability
Liability business insurance is intended to cover owners and business operators from a wide variety of mishaps. These mishaps may possibly include liabilities arising from accidents on the business premises or from products sold or manufactured by the business owner or business operator.
Worker Compensation
Worker compensation insurance compensates workers for injuries sustained while working and provides financial settlements for the dependents of workers killed while on duty.
Business Vehicle Insurance
Vehicles that are used in businesses should be insured just like private vehicles. Different types of cover are available to protect the business owner against claims that may arise from the usage of these vehicles
Content Insurance
Business content insurance policies cover the business owner’s equipment for a sum agreed upon by the business owner and their insurance company.
Business Interruption
This type of policy provides coverage for business owners against temporary losses that arise from a brief shutdown due to fires, storms, lightning or other hazards. Business interruption coverage offers compensation for lost profits and ongoing expenses.
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