Small Business Insurance is now required in all states and most of the corporations are offering it to their employees as a sort of employee benefit. Small business insurance offers many benefits to small businesses. It is usually combined with the owner’s policy (sometimes called BOP). The average small consumer or business damage liability or injury claim is around $30,000.
That s why a Small Business Owner or policy (SBI) is useful for so many small businesses. This coverage combines business liability and business property into one. There are a number of different types of insurance coverage available through SBI, but there are some basics that are universal to most types. Common types of liability coverage are property damage, bodily injury and advertising injury. Bodily injury and advertising injury are considered “ordinary” or “normal” damages, meaning that they occur in normal situations, but can still be claimed under certain circumstances.
The other main type of insurance available through SBI is professional liability. Professional liability covers professional negligence claims. Basically, these include errors in diagnosis, treatment, or even failure of a service, product or exercise. Examples of these services or products include surgeries, injections, treatments, medicines and devices used by dentists and physicians. Professional liability also covers advertising injury, which can be a number of different things. Visit here for more information about Small Business Insurance Quotes.
Each company offers different types of insurance coverage, so before purchasing, it is important to understand what all the different types of coverage are. One of the major types of small business insurance is represented by property liability. This type of insurance will cover any physical damage to the property of others. In addition, this type of insurance will also cover slander, libel and malicious prosecution. When filing a claim for any of these types of claims, it is extremely important that you have a qualified attorney by your side.
Another major type of insurance for business owners is represented by general liability. With this type of insurance, an insurance company will provide coverage for property damage, bodily injury, malpractice and negligence, among other things. A company that does not offer any sort of commercial property insurance may not provide any sort of protection for employees or clients. If you own a restaurant, shop or other commercial property within your company, it is imperative that you purchase this particular type of insurance. Your commercial property insurance will help protect your company from claims made against you. If a customer is injured while in your establishment, you can receive compensation for their medical bills, lost wages and other losses.
Many different claims also occur within businesses, such as identity theft. When purchasing commercial insurance for your business, make sure that you purchase an insurance policy that offers maximum coverage to prevent claims of this nature. Some of the additional types of coverage that you may want to consider purchasing include professional indemnity insurance, legal expense insurance, and even worker’s compensation coverage. These additional types of coverage can be a vital asset to have for the protection of your business. If you are unsure about what type of coverage to purchase for your business, a qualified attorney can assist you in deciding which policy would be best for you.