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Protect Your Business With Commercial Insurance

Author : Dakota Lindal

As a business owner, you have a lot to worry about. It does not matter if your company is small, or if you have hundreds of people working for your - there are basic concerns that business owners have to deal with on a daily basis. For example: Smooth operation of the business is important, as is spending your marketing budget on the right product to get the best results. You also need to make sure that you appoint the right people for the job. and that you are able to pay their salaries at the end of the month.

The unforeseen can happen at any time and with so many things to concentrate on, it is of vital importance that a business is protected from possible loss through such situations! That is what business insurance is there for. Business insurance is also known as commercial insurance and is divided into three different types: Property insurance, workers' compensation and liability insurance.

Workers' compensation will cover you in the case of on-the-job injuries, property insurance will cover damages to your property and in the case of damages to third parties you will be able to claim against your liability insurance.

Even though commercial insurance sounds quite clear-cut, there are a couple of things to keep in mind. The three main categories mentioned earlier can further be divided into insurance products catering for more specific requirements.

If a fire burnt your office to the ground you would be able to claim against your property insurance. Unfortunately, property does not cover everything related to property damage, therefore taking out more specified insurance policies should also be considered. If your office needs to be rebuilt after the fire (or flood!) the property insurance will not cover removing the remains of the old building, clearing up the debris etc. If you have a debris removal policy you will be able to claim against that. otherwise you will simply have to put your hand in your own pocket and take care of the cleaning up yourself!

Offices have windows and windows can break! A glass insurance policy will cover you when you have to replace broken windows. This might once again not be covered under your basic property insurance and you might be in for a surprise if you try to put in a claim for new windows.

Liability insurance works on the same principle. If a third party is hurt on your premises, they will be able to sue your for property damage or personal injuries. The cost of defending and solving the suite will be covered by your liability insurance, but if the injury was caused due to malpractice from your side, you would require malpractice insurance as this will not be covered by standard liability insurance. If you are a professional in the health care industry (for example a doctor or a dentist) malpractice insurance is very important as a mistake from your side can result in serious injuries and you might very well be sued for damages!

If you don't have commercial insurance in place, you are not a very responsible business owner and you might want to reconsider your situation.

As with all insurance policies, it is important to make sure that you are adequately covered. Being underinsured is almost as bad as not being insured as commercial insurance claims can be substantial amounts and your shortfall might still be quite difficult to come by! Also ensure that you know what is covered under each policy and if additional policies will be required.

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Submitted : 2010-12-01    Word Count : 870    Times Viewed: 265