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Small Business Insurance

 It is very difficult to take your small business to the highest level to be successful. Many things can cause your business to fail. The financial crisis is the best example of this. This is why you need small business insurance for your business.

Small business insurance, also called commercial insurance, helps to protect a company's assets, property, and income.

If you are a small business owner, you may also be able to purchase additional insurance to customize your policy based on your specific work activities and needs.

Small business insurance will help you to protect your business from things like financial losses and insured risks depending on the coverage you choose. The coverage includes theft, fire, wind, lightning, and other calamities. It is important to read your policy documents carefully to understand what coverages are included.

Most small businesses have at least the following four types of insurance:

1. Property insurance

Property insurance reimburses a business if the property used in the business is lost or damaged as a result of several types of common incidents, such as fire or theft. Property insurance covers not only a building or structure but also what insurers call personal property, that is, office furniture, inventory, raw materials, machines, computers, and other items essential to business operations.

Depending on the type of policy, property insurance can cover equipment failure, debris removal after a fire or other devastating event, some types of water damage, and other losses.

2. Liability insurance

It protects you and your business from general claims like injuries and damage to property. All businesses need liability insurance. It covers your expenses of medical and attorney fee which results from the body injuries and damage of your property which your business is legally responsible for.

Customers can claim that the company has caused them harm as a result of which they get insured such as from defective products, items, etc manufactured by the company. Liability insurance pays for the damages for which the company is held liable, up to the policy limits, as well as attorney's fees and other legal costs. It also pays the medical bills of any people injured by or on company premises.

3. Business auto insurance

It provides coverage for company-owned autos. The insurance will reimburse all costs to third parties as a result of personal injury or material damage for which the company is legally liable, up to the policy limits.

4. Workers' Compensation Insurance

This coverage pays for medical care and replaces some of the lost wages for an employee who is injured during employment, regardless of who was to blame for the injury.

The insurance provides compensation to the employee's family if he dies during the working hours of the company. A very small business, such as one that is managed by one or two people, may not need workers' compensation insurance.

Small business insurance policy cost depends on many factors. These factors could include what type of business you insure, the types of optional coverage you choose, and the deductibles and limits you select for each coverage.

 

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