Medicare Supplement – Insurance Quotes

Every business owner, no matter how large or small the business is, should have a level or insurance for their business. Depending on what industry you operate in, some aspects of commercial business insurance are mandated in certain states. In order to know that the insurance that you have adequately covers your business assets, it is important to be more informed on the different types of commercial business insurance available.

Types of Liability Insurance

There are three types of liability insurance and not all will be applicable to your business. General liability insurance is a type of blanket liability insurance. It is used to cover legal expenses arising from litigation of a liability claim. This relates to any accidents, injuries, damage to personal property, acts of negligence and other events that may occur at your place of business. The insurance would cover the costs of legal defense, as well as payment of any judgments that may occur against you. An example of this would be that you have a small supermarket and one of your customers accidentally knocks a bottle off the shelf and it smashes on the floor. Before you have the opportunity to clean up the liquid and broken glass, another customer walks into the aisle, slips and falls. In the process, she damages her wrist and receives several cuts on her hands from trying to break her fall. While this is no fault of the shop owner, the injured person could sue for damages and would most likely be awarded a judgment. The costs of this would be paid out by general liability insurance.

Professional liability insurance is applicable to business owners that offer professional services. A common example is a family doctor or dentist. Professional liability insurance protects businesses against malpractice lawsuits. This includes errors or acts of negligence on the part of the professional. In most states across the U.S., professional liability insurance is legislated and professionals are required by law to have this type of insurance. Take, for example, a person who goes to the dentist to have a filling. During the process, a drill bit breaks off but the dentist does not notice and he places a filling in the tooth. The metal in the filling causes an abssys so large that the patient looses the tooth. If the patient were to sue the dentist for damages, this would be paid from professional liability insurance.

Product liability insurance relates to businesses that are involved in producing products for retail. This would include companies that manufacture, wholesale, distribute, or retail a product. Product liability insurance protects the businesses against defects in the products that may result in injury, bodily harm or financial loss to the person who has purchased it. In general, the level of liability insurance will depend on the type of product and the associated risk. For example, a company producing heaters will have a much higher level of liability cover compared to a company that manufactures socks. There is little risk associated with socks but a high level of risk associated with heaters

Types of Commercial Property Insurance

The other major type of commercial insurance relates to your company’s premises. This would cover damage to a property caused by fire, water, smoke, wind, hail or vandalism. In general, the terms of commercial property insurance includes things such as damage to computers or papers, work interruptions, loss of income, buildings and store rooms. There are two subcategories of property insurance. All risks insurance covers a broad range of risks like those detailed above. Occasionally, a company will identify that certain risks are particularly relevant to their business. In these cases, rather than just having a general policy, they will opt for a peril-specific policy. The perils or risks will then be listed in detail in the policy.

If you operate a business from home, it’s essential that you look into your current insurance policy. Many business people that work from home automatically assume that because they have household insurance, their business assets are automatically covered. However, the majority of household insurance policies have exclusions for business operations. This means that your business computers and office files will not be covered in the event of damage to your home. Separate home-based business insurance policies can be purchased to complement your standard home insurance policy. These policies will typically cover your business assets against theft and damage. This will ensure that you are adequately covered against any potential losses to your business.

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