Business Insurance

Business Insurance

Business Policies

Mlynarek Insurance

Any business, large or small, benefits from purchasing business insurance to protect and sustain the business. The actual policy a business needs depends on the size and type of business. The location of a business and number of employees affect the insurance cost as well. There is an insurance policy to protect just about every kind of business.

Types of Insurance Coverage for Business

Property insurance is a common type of business insurance. This type of policy protects buildings, content and inventory of a commercial business. This is useful because losses following a fire, natural catastrophe or other catastrophe can ruin a business. Without insurance, most businesses are not financially able shoulder the cost associated with renovations, repairs and replacing equipment.

General liability is another type of insurance some businesses have. If a business has no other type of coverage, then it should at least invest in general liability coverage. This can protect a business from lawsuits filed against the business. For example, a customer might file a lawsuit if they are hurt inside of a business or hurt by a product or service. The business should be able to face the lawsuit with minimal losses.

Commercial automobile insurance is necessary for some businesses. It is common for some employees to use a personal vehicle or company owned vehicle for business. If an accident occurs, then it could cost the business and the vehicle owner a great deal of money. With commercial automobile insurance, a business can rest assured their vehicles are covered.

In the event that an employee suffers harm or injury on the job, workers compensation should pay so the business does not have to handle the entire expense. Employers pay the cost of medical care and lost wages arising from a work related illness or accident.

Facing a Catastrophe

Business interruption, disability, health and life insurance are other kinds of insurance coverage available to most businesses. The Affordable Care Act has made major changes regarding the type of health coverage a business must offer its employees. Failure to offer certain types of insurance might prevent a business from obtaining business loans.