The topic of business insurance can get confusing - fast. There are all sorts of terms, which seem to require an interpreter. But just as you don’t pu...
The topic of business insurance can get confusing - fast. There are all sorts of terms, which seem to require an interpreter. But just as you don’t put one of everything into your shopping cart while at the supermarket, you need to narrow your needs down to the basic essentials with insurance. Therefore, when you plan to buy your business insurance, you have only four bedrock types to consider.
The first of these is Commercial Property. Your property, such as the building where you conduct business, and the vehicles used for your company business, need to be protected.
Next there is Liability Insurance. In the course of business, you may make a mistake or be accused of making one. Don’t worry, this can happen to anybody. Nevertheless, you want to make sure you’re prepared in case you’re held liable for injury or error.
Thirdly, there are your employees, your most valuable resource. This is where workers’ compensation comes in, as well as life insurance and health coverage.
Lastly, you need to consider your income, and the possibility of an interruption in income, such as a natural disaster that prevents your business trading. A business interruption policy is a necessary consideration for such occurrences.
Purchasing insurance is less daunting once you break it down into its essential parts. If you have questions about any of these four basic insurance segments, please speak with a customer service representative.
