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Understanding the Different Types of Business Insurance
Category :- Insurance

Author :- Steve Davids 
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Posted on June 27, 2017, 1:59 pm
(2 Ratings)

 What is Business Insurance?

Business insurance is a specific kind of insurance, which aims to protect businesses from losses that can occur during their usual course of operations. It is essential for most businesses to have business insurance of some kind, to receive financial protection and reimbursement against that which may lead to the decline or destruction of the company. As with any form of insurance, there are a variety of options and policies available. The forms of business insurance that your company needs to stay protected is dependent upon what your business actually does, and the risks that are faced on a daily basis. When determining the type of insurance necessary, companies will evaluate their insurance needs, based upon the potential risks within their industry. This decision process is also directly affected by the environment in which the company operates. 

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Types of Business Insurance

Business insurance is broken down into nine types, which include: property insurance, casualty insurance, liability insurance, commercial automobile insurance, workers compensation insurance, business interruption insurance, health insurance, life and disability insurance, and other insurance/scripted policies.

There are some businesses that will have policies outlined in each of these sub-genres, but it is more likely that businesses only have policies under the insurance headings that most affect their daily operations. For example, property insurance may not be an issue for a company that employs freelancers located all across the globe, because there may be no physical space that needs to be protected from damage.

Casualty insurance is related to property insurance, insofar as this type of insurance protects against loss or damage to the business itself. Liability insurance protects your business if and when the company is sued for negligence, whether stemming from the business itself, or one of your employees.

Commercial automobile insurance protects against damage to company vehicles or anything required to be titled, and also insures against damages caused to others by those vehicles.

Workers compensation is vital to insure your employees against on-the-job injuries.

Business interruption insurance will protect the business against loss or damage to the cash flow and profit of a business, which is directly caused by the business being unable to operate due to an unavoidable interruption of some kind.

Health insurance is closely connected to life and disability insurance, as these kinds of policies deal with specific employees. Health coverage benefits allow businesses to remain competitive, while also rewarding the efforts of their employees. Life and disability insurance will protect the company, should a key employee be lost to death or disability.

Other insurance policies, including scripted policies, are available to those businesses which require a specific mix of the above-mentioned policies, in order to remain operational.

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Contact InsurEye for Your Business Needs

It is no secret that insurance is complicated, especially when you have to deal with business insurance, on top of your regular personal insurance. InsurEye is here to help! We exist solely to help you understand insurance. We have created a service that will actually watch your insurance carriers for you, so that you can make informed decisions regarding every aspect of your company, including your policies and coverage.

Insurance is something that no one can afford not to have, but it is important that the insurance that you have is the correct kind for your needs. Our aim is to help you better understand how you are protected and what is covered under your plan.

Comparing your current policies with what else is out there is a great way to discover the potential savings of switching to a different insurance provider. If you own your own business, you’re used to being in control. Learn how to control every aspect of your company with the help of InsurEye. We make insurance make sense, so that you remain informed and in control.

Site (source)  : https://insureye.com/business-insurance-quote/
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Tagged Keywords: , insurance, business insurance

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