Choosing The Right Office Insurance For Your Business

 

 

There is insurance available for every type of business to cover any kind of risk. Amounts of coverage and costs will vary among insurers. When you meet with the insurance companies you should discuss your specific business needs and risks and the types of insurance coverage the agent or company offers. There are several types of business insurance. The insurance agent can advise you on the right office insurance and liability insurance for your company.

 

General Liability Insurance

All business owners should have general liability insurance which covers any legal risks due to injuries, accidents, or other claims of negligence. These types of insurance policies usually pay for property damage, bodily injury, libel, the cost of defending against lawsuits, slander, and any judgements or settlement bonds.

 

Product Liability Insurance

 

If your business manufactures, distributes, wholesales or retails products, you may be liable for the safety of the product. Product liability insurance provides protection for your business against financial loss which is a result of a product defect which causes bodily harm or injury. The amount of insurance coverage you will need depends on the type of products you deal with.

office insurance

 

Professional Liability Insurance

This type of insurance is something every business should consider purchasing this type of insurance for their business. This type of business insurance will cover against malpractice, errors, and negligence that may result from the business or services you provide. It is possible that your state will require this type of insurance, depending upon your profession.

 

Commercial Property Insurance

Another important insurance for businesses to purchase is coverage against the damage or loss of company property. This type of insurance helps cover many different events such as smoke, fire, hailstorms, the wind, vandalism or civil disobedience. Typically, these companies use a wide definition of property which will include business interruption, lost income, computers, buildings, money, and company papers.

 

Home-Based Business

If you have a home-based business, you may not be aware that your homeowner’s insurance probably does not cover losses to your home-based business. You may be able to add riders to your homeowner’s policy to cover risks that may occur during normal business hours, but generally, you will need to purchase additional office insurance to ensure that you are covered against all possible losses.

 

Choosing the right business insurance is a decision almost all business owners will face. There are several types of insurance so talk with your insurance agent to find the right type for your business.

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