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Understanding the Basics of Business Insurance

All businesses need basic liability insurance. It is a good idea to protect your business from as many lawsuits as you can. Every industry is at risk of being sued for some reason. Even if you work primarily from home, there are still risks such as copyright violation that you need to be aware. There are small business insurance policies that can be tailored to your company type and business size.

It is important to learn about the four main coverage types: general liability, commercial property and workers’ compensation. You won’t need this coverage if you don’t deliver or use your vehicle for any business purposes. Workers’ compensation is not necessary if you do not have employees.

You might need workers compensation even if you have only a few employees. This depends on the laws in your state and the level of risk associated with employees. Professional liability insurance is available for professionals such as accountants, consultants and real estate agents. Professional liability and general liability are two different things.

Some risks are exempted from small business commercial insurance despite the possibility of large losses. Floods and tornadoes are two examples of “specialized policies” that insurance companies need. This is because they don’t want to be responsible for large amounts of money being paid to every business in the affected area.

Small Business Insurance Coverage

These are some of the things that small business insurance can protect your company from:

• If someone gets hurt in any way while on physical property associated with your business

• If a customer has any property damaged by you or your employees

• If your products cause harm to someone or their property

• If you use a customer’s photo in your advertising and they try and sue you for copyright

• If your company is named in a lawsuit for medical expenses and property damages

What about your OWN injuries. What would happen to your business if you were injured? These are all things you should consider when adding specialized protection to your policy.

You can use the internet to find the right product. small business commercial insuranceHiscox Business Insurance is the best choice for you. To ensure your insurance is still in line with your needs, you should review your policy each year.

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