Importance of commercial insurance for small businesses Blog Details

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Importance of commercial insurance for small businesses

Business is a risky venture and is vulnerable to huge amount of losses. In case of a tragedy, the business has to bear all the damages to property and liability claims. Mostly the business owners have to pay from their wallet in order to compensate for the losses. Because of this reason, it becomes important for a business to get commercial insurance. Businesses should at least opt for general liability and property insurance.

Types of business insurance

Most of the people are aware of personal insurances like health care and education. But there are insurances securing small businesses as well. They are highly important as they cover huge loss of assets. There are many types of small business insurance. Some of the insurances cover general business liabilities and assets. Some of them cover employees in case of injuries and deaths. It is important for the business to carefully analyse its operations and opt for suitable insurance. Some of the business insurance are listed below.

  1. Worker’s compensation

    This is a kind of commercial insurance and is essential for small businesses. It becomes mandatory when the number of employees exceeds beyond three to five. This insurance covers health care for employees who have incurred injury on job. In case of death on job, the employee’s family is paid compensation.

  2. Property insurance

    This is also a commercial insurance securing the business from physical disasters. These disasters could be in the form of flood, fire or theft. The insurance compensations depend upon the kind of plan the business opts for. In case the business involves keeping large inventory, it becomes very vital to opt for such insurance. It covers personal property located within the building as in clothing and furniture stores.

  3. Business auto insurance

    These insurance are typically important if the business is running or owning cars. In case the employee is involved in an accident, this insurance takes care of the compensation for the victim.

  4. Umbrella policies

    Usually business insurance have a certain limit of compensation. But sometimes the business incurs losses or lawsuits which exceed that limit. In such a case, the compensation is only given for the prescribed limit. Rest of the loss has to be paid by the business. Umbrella insurance which is commercial in nature takes care of exceeded loss. These insurance policies are very helpful in case of a big tragedy or fraud.

  5. Key employee insurance

    This insurance is helpful in securing business employees. In case an employee gets injured, disabled or dies, this insurance provides compensation. This protects the business from the loss of a useful employee.

  6. Terrorism insurance

    The businesses are sometimes at a risk of terrorist attack especially in sensitive regions. The Terrorism Risk and Insurance Act (TRIA) have made it necessary for the business to buy coverage security against acts of terrorism. In case the business is big, the act requires certain business owner policies.

News insurance is the insurance company having a mission to provide the best insurance solution to its customers. It is an insurance agency which offers various types of insurance policies for different fields. The company will serve you with honesty and integrity. So, do not wait any further and get your business insured today at

21 March 2015
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