BUSINESS INSURANCE PLANS
Insurance is the process in which the person has to pay money for the company while having a product and the company in turn pays the money if anything unusual happens to the product. concentrating to insurance policies in business , there are different insurance policies provided for business purposes according to the risks involved in the process.
- commercial general liability.
- Property coverage.
- Business owner's policy(BOP).
- Professional liability insurance for errors and omissions.
- Umbrella coverage and excess liability.
- Business auto insurance.
Its very important that the insurance holder must have the correct details about the particular policy.
COMMERCIAL GENERAL LIABILITY:
The basic form of liability protects against damage or loss of the property, bodily injury, personal injury and advertising injury and related crimes.
The actual good policy extends to other liabilities, including protection for damage and legal expenses related to injury caused by product or service provided by the company.
PROPERTY COVERAGE:
This policy offers protection against loss or damage to your business property as a result of fire, theft, and certain other situations.
Depending on nature of your business, you may need to extend your coverage to protect against loss of property owned by customers and to insure against loss of valuable papers, records and other data. The best type of coverage offers to pay lost of property at replacement value rather than its actual value.
BUSINESS OWNER'S POLICY:
This package brings together general liability and property coverage in a single policy that usually costs less than individual ones. It is generally offered to small and medium sized business where there are no chances of heavy loss.
This policy does not ordinarily protect against errors , omissions and negligence. the actual professional liability policy should be considerd if your business is exposed to other sort of risks.
PROFESSIONAL LIABILITY INSURANCE FOR ERRORS AND OMISSIONS:
For professional businesses, consultancies, accounting and advisory services, this is somewhat like malpractice insurance. This coverage protects against claims for errors or omissions in your work for negligence.
UMBRELLA COVERAGE AND EXCESS LIABILITY:
The only way to save your money on insurance cost is to extend your overall coverage level by purchasing an umbrella policy. these policies are secondary to basic coverage, adding more available funds after other policies reaching their payout limit.
BUSINESS AUTO INSURANCE:
If the company owns, leases, or rent vehicles or if any employees use their own vehicles for business purposes, this policy will protect against liability claims for injury to others or damage to other vehicles and property.The policy can also include collisions to pay for damage to your own vehicles.