Business Insurance coverage |
Knowing who to deal withI have to disclose that I am no insurance expert, but knowing who you are dealing with is important. As far as insurance is concerned, you are more likely to be dealing with two kinds of people, one being the insurance broker and the other one being the insurance agent. The insurance agent has some form of agreement with the insurance carrier and is likely to give cost-effective packages. On the other hand the broker may or may not have the special agreement with the carrier. What they do is shop around with a number of insurance carriers to get you the best coverage for the price. It is important to know whether the person you are dealing with is in some way directly affiliated with the insurer and help you when you need them the most. Insurance claims can be tricky at times. Different types of Business InsuranceDepending on the type of business you run, the type of insurance policies you should consider may include the following: Disability InsuranceThis is also known as loss of income insurance. It is mostly used to cover you and/or yur employees in cases of long terms illnesses, by paying a percentage of their salaries during the period of incapacity. Home Office InsuranceThis is required, especially for small businesses operating from home to cover properties that are not covered by your homeowner's insurance policy. Public Liability InsuranceThis kind of insurance covers is critical in events where a member of the public or public property incurs damage as a result of your business activities. This for example is critical if you run a business like a Gym where people run the risk of getting hurt. The list of Insurance policies you can take is expanding every year, please check with brokers and insurance agents in your area for advice on what type your businesses requires and make sure your coverage is sufficient to protect your business and assets in events of damage or lawsuit. |
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