Unlike insurance products that cover individuals, such as health insurance, travel insurance, or car insurance, business insurance covers the losses and liabilities of a business. In some instances, these potential liabilities are similar to those faced by individuals, but businesses also have some unique risks.
Business Losses Covered by Insurance
Just as there are different types of individual insurance, there are also different types of business insurance. Each type of policy protects a specific risk or aspect of the business, but many times insurance companies or brokers will design a custom policy that covers multiple coverage areas.
All businesses, regardless of industry or size, will purchase certain types of coverage. These necessary insurance policies include general liability insurance, comprehensive protection to cover claims and injuries to third parties, workers’ compensations insurance that covers employees who are injured while at work or on a job site, and finally, business interruption insurance. These are just a few of the types of insurance to cover a myriad of the common business risks and liabilities.
Different Business, Different Risks
Not all businesses have the same set of risks. A policy or policies should fit the risks of a given business. Many factors determine what losses and liabilities a business will need to cover with Business Insurance Plans Asheville NC. Owners, CEOs, and managers should consider many aspects of their business from the location of the company to the number of employees before deciding on insurance providers and types of coverage to purchase.
Other considerations before purchasing business insurance may include the size of the business, whether the business owns and operates vehicles, and whether the business owns real property. As well, the industry of the business, what materials and goods are handled or stored by the business, and whether the company uses independent contractors or not are often taken into account. In fact, many businesses may utilize different insurance providers and policies to meet their insurance needs. Contact Integrative Family Medicine.
