Like a human life too, every business need protection from extraneous conceivable risk. You as a business owner must discuss your specific business risks and the types of insurance available with an experienced insurance agent. Since cost and amount of coverage of policies varies according to business need, you as an insurer have to take advice on the types of insurance to purchase.
Following are the insurance types you can choose from:
Business Owner’s Policy (BOP): Through an affordable premium you can bundle property and liability insurance together. The coverage is broad and applicable for small businesses with 100 or less employees.
General Liability Insurance: It would protect your business from liability exposures arising out of accidents at your business place, from the operations of the insured or contractual liability.
Product Liability: If you are the manufacturer, wholesaler, retailer or distributor your product can be liable for safety. It can save you from any financial loss resulted by injury during use of defective products. It also depends on the type of product you are selling or manufacturing.
Professional Liability (Errors & Omissions (E&O): This insurance protects your business against malpractice, error, negligence in service provision to your customer etc. Physicians and insurance agency generally purchase this type of coverage.
Directors & Officers (D&O): This is to protect directors and professors from liability claims because of alleged errors in judgment, violation of duty, and wrongful acts.
Property Insurance:Commercial property coverage includes loss and damage of company property due to fire, smoke, wind and hail storms, civil defiance, and wreckage etc. The protection options also involve lost income, business interruption, buildings, computers, company papers and money.
Workers’ Compensation: This insurance would pay you benefits and arrange medical care to injured employees on duty. Even the dependents of the employee, killed by occupational accidents also come under benefit program.
Business Automobile: Vehicles used in business like private cars; pickups, light vans, and sport utility vehicles can be insured much like your personal automobile. Hence for your business car you can avail of Car Insurance Kingston and save the losses.
Home-Based Business Insurance: If it is your home based business, you may add riders to your homeowners’ policy to cover normal business risks such as property damage. You may need to buy additional policies to protect general and professional liability.
Umbrella (Supplemental Liability): This is a separate policy over other basic liability policies. As additional liability coverage of primary policies it would help you to attain high limit coverage.
Business Interruption: If your business is facing temporary shut down resulting from fire or other insured threat this insurance will provide reimbursement for loss of profits and other ongoing expenses.
Key Person Life: This insurance is designed to safe guard a business against the loss of income due to sudden disability or death of a responsible employee.