BUSINESS INSURANCE

BUSINESS INSURANCE

If you are a business owner you need to understand the importance of business insurance and how it can impact your enterprise It is also important to note that certain types of business coverage may be compulsory by law. Liability insurance is the mainstay of any business insurance package Employers liability insurance can protect your business if your employee suffers as a direct result of your companys actions If an employee is injured on the job this type of insurance will allow for the employee to be adequately compensated and cared for without incurring excessive legal fees

Product liability insurance is another insurance staple for any business If a consumer is harmed by your companys product liability insurance will ensure that potential legal fees and damages will be covered

Health insurance for employees and disability insurance are also important for businesses to contract Health dental and disability insurance usually need to be negotiated separately from a basic business insurance policy

You may also want to consider employee and corporate officer or owner life insurance as a part of your coverage When key personnel in a company die it can create an expensive undertaking to replace him or her

Business Owners Policy

A business owners policy is a common type of business insurance for small and mediumsized companies A business owners policy covers property insurance for your companys property and contents business interruption insurance this will cover loss of revenue if your business is disrupted and general liability This combined form of business insurance can save smaller businesses a significant amount of money However employees health insurance disability insurance and vehicular insurance if required must be contracted under a separate policy

Other Types of Business Insurance

Beyond the basics there are several types of specialty policies that may be purchased For example professional liability insurance will cover your agency in the event a client suffers due to insufficient training or negligence on the part of your employees Professional liability insurance may also be called errors and omission insurance

Employee Practices Liability Insurance is another type of insurance that your agency may require EPLI covers lawsuits resulting from company practice such as sexual discrimination wrongful termination and misappropriation of employee benefits

If you own and operate a vehicle for business purposes it may be wise to purchase a commercial auto insurance policy This kind of insurance policy will cover damages to your vehicle whether driven by yourself or your employees It is important to distinguish your commercial auto insurance policy from your personal policy by making sure that the name of your business not your own name appears as the principle insured

Choosing the Right Insurance

Working closely with a reputable insurance company will go a long way towards getting you the best business insurance package One indicator of a financially stable insurance agency is their standing with ratings companies such as Standard and Poors and A M Best It may be a good idea to spend some time researching ratings companies and consumer magazines before making a final decision

Working with a qualified agent or insurance broker can also help you to choose the right policy An insurance agent can also help you reduce the cost of business coverage An agent can suggest ways to prevent losses that will result in lesser premiums such as instituting workplace safety programs and other management initiatives

Term Life Insurance

InsuranceFor many people term life insurance is the most sensible and least expensive way to provide for their family

Life Insurance Basics

In todays high cost society life insurance is a necessity to maintain a familys quality of life if one of the breadwinners dies suddenly Although no one likes to think about this happening planning ahead can save your family hardships and financial struggles

Life insurance provides your family and beneficiaries with the financial means to cover medical bills funeral costs pay off a house or other property secure a childs education and eliminate any outstanding debts you may owe at the time of your death More valuable than the financial benefits is the peace of mind that life insurance provides your family or loved ones

Like medical insurance life insurance policies are based on a number of factors such as your medical history station in life and your income and debts