Commercial Insurance 101
Copyright (c) 2011 Omer Chode
Commercial insurance policies are for businesses. Insuring your customers is an intelligent investment and will also be a life-saver during uncertainties. Commercial insurance provides coverage for our business and helps it be without risk. It is just like other plans where we need to pay a lot of money being a premium to pay our belongings. Commercial insurance policies are over a high rise and top insurance firms give you an array of commercial insurance products for several business requirements.
Usually higher premiums offer greater coverage. The premium amount depends on a number of factors like the nature of the business, the size of the business, the type of industry in which the business operates, the head count of employees, and the annual revenue of the business. Insurance companies evaluate the business that needs to be insured, previous records of the company and the inherent risk involved in the business. If the business is found to be risky, insurance will not be given or it may attract higher premiums. There are 3 major types of commercial insurance. They are property insurance, liability insurance and worker compensation insurance. Each has a different specification and business owners can get any or all of these to cover their business from loss.
Property insurance covers losses and damages to personal properties including natural disasters like earthquake, landslide or flood, and fire. A number of additional coverage options can be had by paying a small amount of extra premiums. These include machinery insurance, debris removal insurance, glass insurance and builder's risk insurance. Most business owners opt for crime insurance which offers coverage over theft and burglary.
Liability insurance covers the injuries that your business might accidentally cause to any third parties and it also covers the losses arising out of it. This insurance should be taken by all business owners so they won't have to pay the huge cost involved in legal proceedings when their business is liable to third parties. Malpractice insurance, errors and omissions insurance covers the business by saving legal costs in the event of lawsuit being filed by victims or third parties for a wrong doing or unethical activity by the business. This type of insurance is essential for doctors, surgeons and dentists as the chances of error are very high.
Workers' compensation insurance covers for on-the-job injuries of employees. This is actually the most typical kind of commercial insurance in manufacturing related industries. This kind of insurance provides coverage against civil lawsuits being filed by employees. This insurance coverage is extremely important whenever your employee head count is large as well as your business involves higher likelihood of work related accidents. This kind of insurance coverage is necessary to companies that take part in manufacturing, construction, or agriculture.
About the Author
Insurance now more important than ever for our businesses, because of increased risk of lawsuits. Commercial insurance is very important to make sure our businesses are secured. Learn more about commercial insurance here: http://www.insurance24.org/ or read the free report here: http://www.insurance24.org/index.php/commercialinsurance/
Tell others about
this page:
Comments? Questions? Email Here