Commercial Insurance To The Rescue!
Post date: January 4th, 2011 |
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If you own your own business, you probably have tons of stuff to worry about. Regardless if your company is a small family business or a large corporation with hundreds of workers, there are certain things that you have to take care of on a daily basis. It goes without saying that it is important that your business operates smoothly, but what about other matters such as deciding where to spend your limited marketing budget in order to obtain the best results? And making sure that you will always have enough money to pay 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.
Damages to your business property will be covered by property insurance, damages to third parties by liability insurance and in the case of on-the-job injuries to your employees you will be able to claim against workers’ compensation.
Commercial insurance is however not as straightforward as you might imagine, therefore it is important to understand how the three main categories can be subdivided into insurance products catering for more specific circumstances.
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.
The same goes for liability insurance. If you cause injury to a third party, they will be able to sue you for personal injuries or property damage. Your liability insurance will cover the cost of defending and solving the suite, but if the injury was caused due to malpractice from your side standard liability insurance won’t be adequate and you would require malpractice insurance. This is usually applicable to professionals in industries where mistakes can result in serious injuries (or even death) and should be taking out by professionals in especially the health industry.
As a business owner you need to be responsible, therefore it’s vital that your commercial insurance is in place!
Always make sure that your policies provide adequate cover. Insurance claims can be for substantial amounts and if you are not insured or underinsured you might be in deep trouble… unless you have access to a bottomless savings account! Do not be afraid to ask questions – you must be 100% satisfied that your policy will protect you in your time of need!