Depending on the type of business you have, there are many different options available in terms of business insurance policies. Although most companies will not need every type of policy, many need several. In this article, we take a close look at the types of business insurance policies.
Some may say that this is the most important form of business insurance policy, as it covers a business if they should get sued for any injuries, accidents or negligence. It includes charges of false advertising and damage to property. With general liability insurance, legal representation is also covered.
If a company makes or distributes a product, there may be cases of the products causing injury or harm to consumers. Product liability insurance therefore covers any claims related to this, and coverage varies depending on the type of product.
This type of business insurance policy is important for those offering professional services, such as doctors. It covers the business owner in terms of any negligence or malpractice suffered by those requiring the services.
Business insurance policies also include property insurance, which covers loss and damage to company property which operates outside of standard commercial buildings. This includes weather damage and vandalism and the term ‘company property’ also refers to money, equipment, and documents.
If one is using a business vehicle and has an accident, commercial auto insurance will cover that vehicle, as well as personal injury suffered by the employee driving the vehicle.
If an employee who is not part of the owner’s immediate family is injured while working, worker’s compensation insurance will cover medical bills and any income which is lost as a result. These types of business insurance policies are particularly important for those in high risk jobs, such as construction companies.