If you’re starting a business, you’ll need to think about the risks involved. You may have heard the term “business insurance,” but what is it? What exactly does it cover? And what are the different types of business insurance? In this article, we’ll answer all these questions and more! Ready? Let’s get started.
Insurance for property, such as buildings and equipment.
Property insurance covers damage to your business’ building and equipment. This is also known as commercial insurance or general liability insurance. Property insurance covers damage caused by fire, theft or other covered causes of loss and protects you against claims made by others for losses related to your property.
Insurance for liabilities, such as debts and lawsuits, which can provide coverage for medical expenses and legal fees.
Liability insurance (also known as commercial insurance or general liability) provides protection against lawsuits and other legal proceedings. This type of coverage can be purchased through an independent broker, or the business owner can buy the policy directly from an insurance company.
Liability insurance protects you from claims of damages by others that may arise out of your business operations. It also covers costs you incur if a customer files a claim against you due to injuries related to your products or services. Liability policies include:
- Bodily injury liability coverage: Provides protection against lawsuits resulting from bodily injury sustained by another person while at your facility, on your premises, or on your jobsite as a result of something that happened at work
- Property damage liability coverage: Provides protection against lawsuits resulting from property damage that occurs during the course of doing business (e.g., when someone slips on ice in front of one’s store)
Liability insurance is also known as commercial insurance or general liability insurance.
Liability insurance is a type of business insurance that covers your legal liability for damages to third parties and their property, as well as bodily injury or property damage caused by you or your employees. It’s also known as commercial insurance or general liability insurance.
As the name suggests, this type of coverage can be thought of as “the umbrella” in relation to other business policies—it provides protection over any costs incurred by a company during the course of its operations that fall under one or more of these three categories:
- Damages (including bodily injury and property damage) caused by you, your employees, and/or contractors;
- Damages (including bodily injury and property damage) caused by animals owned by you;
- Medical expenses resulting from injuries sustained on premises owned or controlled by you.
If you’re a business owner, it’s important to be aware of the different types of insurance you need and have. Liability insurance is probably the most important type of coverage for businesses, but property insurance is also something that should be considered. Remember that just because you might not think something will happen doesn’t mean it won’t happen!