General Business Insurance

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There are many components to risk management when it comes to running a business.  Insurance is one tried and true method of addressing many of these risks so it is important to familiarize yourself with the most common insurance products available for your general business insurance needs.

Property Coverage

If your business owns property of any kind, including buildings or business personal property such as office equipment or manufacturing equipment, or any other type of tangible property, you will need to make sure you have the in financial protection afforded by a business property policy.  In commercial insurance, there are package policies that provide property and liability coverage bundled together.

Liability Coverage

Liability insurance protection is one of the best insurance values for a commercial operation.  It is best to purchase as much liability insurance coverage as you can reasonably afford because it will protect your company’s assets in the event of a claim against your business that arises out of negligence.  The liability component of your policy will provide defense and indemnity protection.

Workers Compensation Coverage

If your business has employees, there is a legal requirement that workers compensation benefits be provided to pay for the lost wages and medical bills for injured employees.  The type of business that you operate will have an effect on the cost of your worker’s compensation policy, as higher risk jobs cost more to insure.  Compare for example, the risks of an office worker as compared to the risks of an employee of a logging operation.  When the risk of injuries and high medical costs are more prevalent, workers compensation rates will be higher.

Business Automobile Coverage

A separate auto policy is required for your business if it owns and operates commercial automobiles or trucks.  Business Automobile Coverage can provide physical damage coverage for your fleet and it will provide coverage for liability claims against your firm.  This policy will be subject to the minimum required limits of your state, but those minimum limits are often not enough to provide truly adequate protection for your business.  Be sure to consult a business auto insurance expert to make sure your limits are adequate.

The list above is by no means a comprehensive examination of all potential business risks, and since each enterprise is unique, it is important to discuss your needs with a qualified business insurance professional.