If you start a business, it is very difficult to understand the various insurance options for small business. Sometimes insurance company also cannot help you to choose right policy for your business. There are three types of commercial insurances, every business owner should consider them. Such as:
Small business liability insurance: If your business assets are sued for wrongdoing like injury or property damage, at that time you may face some liability or cost, then this insurance policy protects your business form them. Generally, one can purchase general liability insurance it self or buy it in the part of the business owner’s policy.
Umbrella liability insurance: You can have this umbrella liability coverage where generally liability insurance ends. Additional coverage can be provided by umbrella policy if you exceed the policy limit for general insurance coverage.
Property insurance: Your business’s assets like inventory, equipment and building are protected by property insurance. Generally, damage of property can occur by fire, theft, accidents etc. The cost of the insurance policy depends on the value of the inventory and equipment. You should be careful while you are purchasing this policy.
Workers compensation insurance: This insurance is compulsory to purchase in almost all states of US. Medical expenses and any lost wages for injured employees are covered by this insurance policy. According to state, coverage of this insurance will change.
Specialty insurance: According to your business needs you can determine whether you need this insurance or not. Home based business insurance, internet business insurance, business interruption insurance, these are examples of special insurance.
These are the important insurances, one can choose right insurance from them according to requirements of the business.
