Business insurance is an important requirement for every business.
Business insurance provides protection for your business' investments,
property, transactions and employees. Like other insurance products,
business insurance policies should be tailored to fit the needs of your business and its operations.
General Liability
General
liability should be purchased for every business. General liability
insurance covers any legal damages that may result from claims of
negligence, injury and property damage. This coverage also protects your
company from medical expenses, lawsuits, bonds and judgments. General
Liability is selected in coverage limits. While large corporations may
select a high limit of liability, smaller companies can choose a smaller
package. Your insurance agent or broker can assist you in selecting the
limits that meet your business' needs.
Product Liability
Product
liability provides protection from injuries or damages that may result
from a faulty product. Companies can be held liable if their product or
service causes personal injury or damage. Therefore, it is important
that you select this coverage for your business. Companies such as
manufacturers, wholesalers, distribution companies and retailers often
select this coverage. Liability for negligence, breach of expressed or
implied warranty, defective products and defective warnings and
instructions are insured under this coverage.
Workers' Compensation
Workers'
compensation insurance covers your employees' medical expenses and
missed wages should they be injured while working. This coverage is
required in all states except Texas. Additionally, each state
establishes its own minimum requirements for Workers' Compensation
coverage that include the required rate of payment and types of employees that require coverage. In most cases, business owners,
independent contractors, domestic employees in private homes, farm
workers and unpaid volunteers are exempt from this coverage. It is
important that you speak with your insurance agent or broker for
information.
Business Interruption Insurance
Business
interruption insurance covers any losses that occur as result of your business being deemed inoperable. Generally, business interruption
insurance can only be activated when there is an open claim on your
policy for the loss of your business. The coverage is purchased as an
endorsement to your business owner's policy. This coverage includes the
reimbursement of utility expenses, water expenses and other expenses
that continue to generate even when your business is unable to earn
income.
Criminal Insurance
Criminal
insurance and employee bonds can help protect your business from
criminal activity. This coverage provides protection from acts of theft,
computer hacking, vandalism, obvious general theft and employee
embezzlement. While criminal insurance is a key coverage to carry, it is
not a required insurance coverage. This coverage is generally added to
your business owner's policy as an endorsement.
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