Four Types of Small Business Insurance
Small Business Insurance provides a great deal of protection for small business owners. If you are a business owner, it is critical that you have adequate insurance to protect your assets and personal assets. The average individual or family property damage liability claim is usually only $30,000. That is where a Small Business Owner s Coverage (BSC) comes in handy for most businesses. This coverage combines business liability and business property into a single policy.
One of the many benefits to purchasing Small Business Insurance online from an established brokerage firm is that you can get quotes from several top rated insurers all in one location. When searching online for Small Business Insurance quotes you will be provided with multiple results. To compare these quotes you simply need to select three or four that appear to offer coverage that meets your needs. Most of the large insurance companies such as Allstate, GEICO, and Met Life provide quotes on their web sites. Many of these companies will also provide additional discounts and perks to attract new customers. Visit here for more information about Small Business Insurance Quotes.
Another benefit to purchasing Small Business Insurance online is that it can help protect you against unneeded litigation and out-of-pocket expenses. Litigation can drain your business money and cause stress and worries. It can also cause financial mistakes that you cannot afford to make. Purchasing the right small business insurance can help small business owners protect themselves from these problems. It can also help them financially if they ever need to file a personal injury lawsuit.
There are several different types of coverage, Small Business Insurance policies can provide. They include general liability, property protection, and liability for negligence. General liability covers damage or injury that might occur on the premises of your business. Property protection protects your business against damage to or theft from your building or other property located on or near your business premises. Liability for negligence refers to the actions of an employee that creates a risk of harm on or in your business premises.
Small businesses can also purchase Commercial Activity Insurance which covers activities related to the operation of a business other than regular work. Examples include sports facilities, warehouses, manufacturing plants, and office buildings. This type of coverage can help protect against unexpected risks that you would not be protected for under your regular liability insurance policy.
The final policy type that most small businesses purchase is Commercial Coverage. This provides coverage for liability for actions taken by or on behalf of your employees. Employers are required to purchase this type of insurance when they hire workers, but many small businesses find the cost of this insurance to be prohibitive. As a result, many employees choose to self-insure by purchasing liability and collision coverage on their own. This gives small businesses an affordable way to protect themselves against unexpected events that leave them without paying for damages.