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bussinessinsurance

Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

What is Business Insurance?

The term “business insurance” pertains to protecting against operational losses by a business. What type of loss is covered by a business insurance policy depends on the insurance company, the policy wording, and local limitations.

Why Is Business Insurance Important?

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Considerations

You need business insurance to cover acts of God and general liability, such as malpractice. A patient, for example, might sue a doctor's practice if the nurse accidentally gives him the wrong medication. If you have a business in a flood zone, a flood could destroy your business property and allow competition to move into your market while you rebuild.

Legal Requirement

States often require certain types of business insurance. If you have employees you must purchase worker's compensation coverage through the state or a commercial provider, according to the SBA. Six states require businesses to carry disability insurance, but companies in states that do not require insurance ../commonly offer it as a benefit.

Benefits

While property insurance covers the damage to any business, even if you run a home business, it does not reimburse you for lost profits. Business interruption insurance pays you for lost sales until you get your business up and running again after a disaster. If you become disabled or too ill to run your company, disability insurance provides a percentage of your income. Additional insurance for overhead provides for expenses, such as supplies and inventory, needed to run your business while you are disabled

Expert Insight

You should not rely on liability waivers to protect yourself in case of malpractice or accidents because they usually never cover you completely, according to business attorney Nina Kaufman. In some states, you cannot use waivers at all to protect a business from liability.

Importent Factors to Consider For Bussiness Insurance

Type of Policy

General liability tends to cost the least while employment practices liability insurance has the highest cost.

How big your business is

The physical structure and how big the lot is affects both general liability and property insurance costs,for instance.

How Much You Make Each Year

The more you make, the more likely the amount of a settlement can be higher if you are sued. Basically, the more your company is worth, the more you could potentially lose.

The Types of Contracts You Have

Errors and Omissions insurance, or E&O, is directly tied to your work history and the types of contracts you sign. The cost of E&O is affected by your previous contracts and the type of work you have done in the past.

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