Types of Business Insurance

Most types of business insurance cover every possible need including healthcare and other benefits that might be passed on to your employees.

Property Insurance - This type of business insurance covers loss or damage to business property due to theft, fire, natural disasters, and vandalism. For all practical purposes, you ought to cover your building and all its content, stock, and fixtures. Computers and communication equipment are often not included as they are considered special property, so check with your insurance provider in advance. In case you rent a property, you can review the landlord’s insurance policy for the level of protection.

Public Liability Insurance - In the event of anyone suing you for negligence, liability insurance will cover any legal costs that may arise. This is essential if you have a large number of non-employees visiting your premises as well. The insurance cost varies according to the size of your premises and the products you sell.

Product Liability - Any claims that arise from faulty products manufactured, sold, or installed by your company can be covered by product liability insurance.

Professional Liability - All professional in the field of management, computer consulting, medicine, law, accounting, and financial services need to be covered by professional liability insurance, also known as malpractice insurance. Coverage includes a variety of issues including breach of confidentiality, loss of documents, breach of professional duty, and breach of copyright, and more.

Life and Disability Insurance - Life and Disability Insurance will protect your business against death or disability that may befall any employee. In the event of disability, a percentage of the salary is paid during the period of incapacity. After a deferred period, the policyholder receives tax-free benefits until retirement, recovery, or death. In case of death of a partner in a partnership business, the policy can be used to buy out the shares held by the deceased partner.

Business Income/Extra Expense - Any extra costs or revenue lost due to disruption such as fire can be covered by this type of insurance. Any damages to your office can be claimed as extra expenses. It includes temporary offices, removal expenses, and increased rentals.

Key Man - Key employees of your organization ought to be covered by this type of insurance. This can include top level management, business partners, and other personnel. This will cover loss due to death, and incapacity also. This will not only help your main employees resume work as soon as possible, but also keep them motivated since they will have a sense of belonging to the company.

Other policies include computer and engineering systems, which covers breakdowns and other related factors, and directors and officers insurance that protects directors and officers who may be sued personally over any business matters.