Business Insurance

Business Insurance

Moore Insurance

Dickinson Insurance Agency

Business Insurance Coverage for Every Kind of Business

Purchasing adequate business insurance is an essential component of protecting and sustaining any business, large or small. The exact insurance coverage that will be required will depend on the nature and size of the business, but the insurance industry has developed insurance programs to protect the assets and future of virtually every kind of business. The cost of an insurance policy will also depend on factors such as whether the business has employees or operates out of a home or commercial building.

Common Types of Insurance Coverage

One of the more common types of business insurance is property insurance. A property insurance policy protects the buildings, contents and inventory of a commercial business. Property losses due to fire, natural catastrophe or other unexpected event can seriously jeopardize the ability of a business to remain operational. Most businesses aren’t in a financial position to pay for the cost of getting back to normal.

General liability insurance is another form of coverage that most business owners can’t afford to be without. Adequate insurance coverage will be required in the event that a customer is injured anywhere on the premises of a business. The same thing is true if a customer files a lawsuit because they were harmed or injured by a product or service. Professional liability coverage will be required if the business services have the potential to cause a customer to suffer a financial loss.

Many businesses need commercial automobile insurance coverage. The use of personal or company owned vehicles while conducting official business by owners, managers or employees could result in significant financial losses in the event of an accident. Similarly, workers’ compensation insurance coverage protects a business in the event that an employee suffers harm or injury on the job. Employers are responsible for paying the cost of medical care and lost wages arising from a work related illness or accident.

Preparing for the Worst

Additional kinds of insurance coverage that can protect a business from financial loss include business interruption, disability, health and life insurance. The federal Affordable Care Act has significantly altered the role of an employer with regard to the provision of health care coverage. Many lenders require business owners to purchase life insurance before approving a business loan application.