Why You Need Business Insurance?
Seguro Comercial
Business insurance is a broad category of insurance coverages designed for businesses. It is also called commercial insurance. Businesses buy insurance to protect themselves against financial losses resulting from lawsuits or physical damage to company-owned property. A business that has no insurance may be unable to continue operating after a loss occurs.
Protects You Against Large Losses
Business insurance protects your company from losses that could significantly impact your operations.
Examples are a fire that destroys your company's building and a large bodily injury claim that results from a slip-and-fall incident. Such events can be very costly. If they aren't covered by insurance, they could bankrupt a small company.
Business insurance does not cover every loss. It is not intended to cover small losses that your company can easily absorb. For this reason, many commercial policies contain deductibles. An example is commercial auto physical damage coverage. Suppose you have purchased comprehensive coverage on a company truck. If a rock nicks the truck's windshield, the cost of repairing the glass will likely fall within the deductible that applies to your comprehensive coverage.
Some risks are excluded under business policies even though they may cause large losses. For instance, earthquakes and floods are excluded under standard property policies because they can cause many large losses within a small geographic area.
Coverage for these perils is available under specialized insurance policies. A few risks cannot be insured at all. Most businesses cannot insure their commercial property against damage caused by war, radioactive contamination, or seizure by a government authority.
Types of Coverage You May Need
There are two main types of losses that businesses may sustain: damage or destruction of physical assets and monetary damages resulting from lawsuits.
Businesses can protect themselves against damage to physical assets by purchasing commercial property insurance. They can safeguard their company against the cost of third-party lawsuits by buying commercial liability insurance.
Property insurance may be purchased by itself or in combination with liability insurance. Many businesses buy property insurance separately in the form of a commercial property policy. The latter covers buildings, machinery, office furnishings and other types of property commonly used by businesses. Small businesses often obtain property insurance by purchasing a business owners policy (BOP). A BOP is a package policy that includes both property and liability insurance.
General liability insurance may be purchased separately or as part of a BOP. Your business needs this coverage to protect itself against third-party claims for bodily injury, property damage, or personal and advertising injury. Property, liability and BOP policies are flexible so coverages can be added or deleted via endorsements as needed.
Two other coverages many businesses need are commercial auto and workers compensation coverages. A business auto policy covers trucks, cars, and other vehicles used by businesses.
It includes commercial auto liability and physical damage coverages. Note that personal auto policies should not be used to insure vehicles owned by businesses.
Most businesses must purchase workers compensation insurance to comply with state worker protection laws. A workers compensation policy provides benefits like medical coverage and disability that injured workers are entitled to receive under state laws. The policy also includes employers liability coverage, which protects your business from lawsuits filed by injured workers.
Source: thebalancesmb
Seguro Comercial.
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