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비지니스 재산 & 책임보험 (Property & Liability) |
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Why would you need business insurance
Any accident at the worksite, be it big or small can have devastating effects on your business. Is there a way to prevent a small business from having big losses? There are two of them, and you usually get both kinds of business insurance with a single Business Owner's Policy (BOP): property insurance and liability insurance.
What property insurance is all about
Business insurance on property provides coverage on physical assets: buildings, machinery, valuable documents, inventory, computers, records and more. Property insurance can also be used to gain income in case your business suspends any operations after covering the loss.
For example, a fire damages or destroys your building. In thus case you may not only get full coverage on the property loss you have taken, but you may also receive income while you're repairing the facility. Check your policy first to make sure your business insurance provides such coverage.
What liability insurance is used for
Business insurance on liability is used specifically to protect valuable assets of your business in case the actions of your company have cause property damage or bodily injury to any third party.
For example, liability business insurance will cover your expenses in case some person claims to have been affected by your product…or it may cover your expenses on court defense costs in case a competitor takes legal action against you.
Liability and property business insurance
The majority of insurance companies combine the primary property and liability insurance coverage into a single business owner's policy, which usually costs less than if buying both types of coverage separately. The limits of each tope of business insurance coverage can be adjusted specifically to your needs, making the policy more relevant to the risks of your business.
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종업원 상해보험 (Workers' Compensation) |
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What workers' compensation business insurance is used for?
No matter how many employees you have, you will need a workers' compensation business insurance coverage. In many states this type of coverage is compulsory, besides workers' compensation business insurance may provide a higher level of security to your business.
What does workers' compensation insurance mean?
A workers' compensation insurance is an agreement between the employer and employee regarding work?related illnesses or injuries. In other words, employees refuse from suing their employers in case they suffer form an illness or illness related to work. In return, the employer provides state?mandated benefits to its employees. Most states require the employer to prove that he's able to cover expenses that may arise due to such claims. Purchasing a workers' compensation business insurance is the easiest way of providing such proof. The laws on workers' compensation insurance differ from state to state, so make sure to consult with your insurance agent or broker to get all the necessary information on workers' compensation business insurance regulations in your state.
How does workers' compensation insurance work
The majority of workers' compensation insurance policies provide two types of business insurance coverage:
? Workers' Compensation Coverage. This type of coverage protects injured workers as imposed by state law no matter who caused the job-related injury or illness. Thus your workers' compensation insurance policy will provide all the benefits required by the legislation.
? Employers' Liability Coverage. This type of insurance coverage protects employers in case they are taken legal actions against for damages resulted from employment?related accidents or diseases. However, the employee or any third party not covered by the workers' compensation policy should prove that the employer was responsible for the injury or disease in order to receive the benefits.
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비지니스 차량보험 (Commercial Auto) |
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What business insurance on commercial auto is used for?
Just imagine driving your personal car without having an auto insurance policy. The same goes for corporate vehicles. Regardless of whether you have personal auto insurance or not, your company's vehicle should have commercial auto insurance. This is due to the fact that your personal car insurance policy won't provide any coverage in case you're engaged in a car accident while driving a corporate auto. You can even be charged with misrepresentation in case you include a commercial auto in your personal car insurance policy.
What coverage does business insurance on commercial auto provide?
There are numerous types of coverage available through a business insurance auto policy, so make sure to consult with your insurance broker or agent on choosing the most appropriate for your business. You should discuss all the vehicles used in your business: cars, pickups, vans, and trucks. You should also consult about covering "non-owned" vehicles, in case your employees use their own cars for work; and rented autos, in case your employees use rented vehicles for work.
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엄브렐라 보험 (Umbrella) |
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Why would you need umbrella business insurance?
Nobody knows what might happen the next day. It could be a natural disaster, terrorist attack or a big law suit. In any case the results would be devastating for a small business, leaving it almost bankrupt. In such cases umbrella type small business insurance is the perfect solution, providing coverage when your typical business insurance policy is limited.
What umbrella business insurance is all about?
Umbrella business insurance provides coverage extending the limits of your basic business insurance policy. It is very important for facing unexpected events that may ruin your business. Umbrella business insurance is not expensive and in some cases could be crucial for keeping your business running.
How does umbrella business insurance work?
Umbrella business insurance policies extend the amount of coverage provided by your basic business insurance when needed.
For Example, Several people were inflicted injuries on your business's property and require $2.5 million for covering medical costs but the liability limit of your business insurance policy is only $1.5 million. In case you're found liable the umbrella insurance policy will cover the additional $1 million.
Medical Treatment Cost $2,500,000
Basic Liability Limit $1,500,000
Umbrella Policy Coverage $1.000,000 Gap
Extra insurance reinforcement
Umbrella business insurance provides such an option. Different insurance companies provide different amounts of umbrella insurance coverage, extending the limits of basic insurance policies and providing coverage over business liability, auto liability and workers' compensation.
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