Choosing an Insurance for Your Business

by admin on August 30, 2011

You can choose an insurance package for every aspect of your business and every risk your company faces. There are so many insurance types on the market that you may find it difficult to determine the coverage type that you need. The basic insurance types to look at are property insurance, liability insurance, casualty insurance, health insurance, life insurance and disability insurance. Other insurance types you may consider, depending on your business, are business interruption and workers compensation.

With property insurance, you are insured against losses and damage to your business location. The property insurance can be specific as well – if you buy fire insurance, you will not be insured against losses due to an earthquake or tornado. Liability insurance is another good option in case your business is being sued. It insures against legally imposed liabilities due to negligence of your employees or business in general. Casualty insurance will insure you against losses or damages.

Businesses that strive to be competitive on the market will offer health insurance to their employees. This type of insurance provides a health coverage benefit. Finally, you can opt for life and disability insurance which will protect your company against disability or death of your key workers and employees.

Where to shop for business insurance? One obvious place is banks. Wells Fargo, for example, offers business owners policy, business property insurance, workers compensation insurance, and business auto insurance. With business owners policy, you will protect assets that are essential to your business.  This policy combines a number of insurances into one package so that you have the security and flexibility to expand your business. Two main insurance types are property and liability. Property insurance insures the contents and physical structure of your business, including computers, office equipment, inventory, and furniture. Liability insurance protects your company against claims that arise out of allegations of negligence. Business property insurance has two major components – business interruption, covering lost income and expenses, and property, which covers your company’s property and buildings. Workers compensation insurance is, in fact, one of the state-mandated insurance types. It provides rehabilitative services, medical benefits, and income to workers who have been injured due to work-related duties.

Another place to shop for business insurance is the U.S. Bank. The bank offers a variety of insurance types, including life insurance, disability insurance, worksite benefits programs, long term care insurance, and many other types. Special risk insurance will protect your assets from expensive and lengthy treatments due to a serious medical condition. Employers will be able to pay indirect and direct costs of cancer treatments and other serious conditions, such as strokes and heart attacks. Long term care insurance is another option, considering that the cost of staying in a nursing home a year is $50,000 or more. Long-term care, such as home health care, is very expensive. Many business owners choose to buy this type of insurance as a way of protecting their financial independence. Long term care coverage may be obtained through payroll deduction for your parents, spouse, in-laws, and employees. Workers benefits programs are another good solution for businesses with over 150 employees. These programs fill insurance gaps that are not covered by the primary insurance plans. Voluntary benefits are chosen and paid for by workers and employees, depending on their individual requirements and needs. They supplement rather than replace the main benefits that you already enjoy. Other insurance types you can choose from include executive benefits programs, disability insurance, key employee indemnification, disability insurance, and, of course, life insurance.

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