Business Insurance in favor of Peace of Mind

Please know that as if you are a business owner, then your clients, employees and business operations are an important and integral part of your day-to-day operations and their safety should be for you a priority concern.

There is a variety of insurance coverage available for almost all possible risks your business might encounter. You should therefore talk with your insurance agent or broker and seek his informed opinion about the type of insurance to cover your specific business risks. Some of the most common and most important insurance options for businesses are:

• General Liability Insurance - Business enterprises avail General Liability Insurance to cover legal hassles that might arise out of unforeseen accidents, bodily injuries and claims of negligence. These policies safeguard against payments for physical injury, property damage, medical cost, libel/slander, legal fees for defending lawsuits and settlement bonds during an appeal procedure.

• Product Liability Insurance – This type of insurance is applicable for organizations manufacturers, wholesalers, distributors, and retailers of goods who may be liable for the sake-keeping of the goods. Product liability insurance provides cover against monetary loss as a result of a defect product that causes bodily injury or physical harm. The quantum of insurance you need depends on the nature of products you market or manufacture.

• Professional Liability Insurance - Business enterprises offering services can consider availing Professional Liability Insurance (also called as Errors and Omissions Insurance). This type of liability coverage safeguards your business enterprise against malpractice, errors, lapses and negligence in providing efficient services to your customers. Based on your profession, you may even be mandated by your State Government to avail such a policy. For instance, doctors are required to buy malpractice insurance as a pre-condition for practicing in certain States.

• Commercial Property Insurance – This form of insurance covers all things pertaining to loss/damage of company property due to a wide-variety of mishaps including fire, smoke, wind and hail storms, cyclones, civil disobedience, public riots and vandalism. The insurance covers lost income, interruption of business activity, buildings, computers, company documents and cash holding.

• Workers Compensation Insurance - If you hire any number of employees for your business organization, it is a legal requirement in almost all States that you buy workers compensation as part of your business insurance. This coverage protects you in the event that a worker is seriously injured, suffers from prolonged illness, or meets with death while on the job. If an employee becomes sick or injured while working for you, you are obviously liable for his/her medical expenses. Having workers compensation insurance means you can cover those costs without paying out of your business assets. It can also safeguard you in the event of a lawsuit over the incident.

Protecting your business investment with insurance is a critical responsibility of any business owner. Business insurance minimizes the risks associated with unforeseen events, liabilities, and losses.

In the state of California, depending on the nature of your business you may need adequate business risk insurance cover. The principal types of business insurance are commercial vehicle insurance, group benefits, general liability insurance, excess liability insurance, commercial property insurance, and workers compensation.