Many business owners do not think about this possibility or see the overall costs and decided they would take a chance and expense of premiums. But it's a not worth taking. With the right type and amount of coverage, you can protect your business from being wiped out by one of these unfortunate scenario.
Type Business Protection
Although the contractor insurance vary from one business to another, here is a list of the most common types of insurance: property insurance covers damage to buildings and the items inside, such as supplies, furniture and computer equipment.
Insurance protects your business from lawsuits related to property damage or injury suffered by another person, you are responsible.
Business owners incorporate coverage of property insurance and general insurance in one package. It's an affordable way to protect your business, although some limited coverage.
Product liability coverage to protect the manufactures and retailers from lawsuits resulting from the use of your product. In the current litigious society, it can affect any seller of clothing to toys, tools, building materials, electronic devices or even pet food.
Workers compensation insurance is required by law in every state but Texas. It protects businesses from lawsuits that result from on-the-job injury, while providing employees with coverage for the injured their medical care, compensation and lost revenue.
Business income insurance to make sure you get paid even if you lose revenue as a result of the damage temporarily shut down or restrict business-like roof collapses or computer system outage.