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Business insurances How to save money on 5 types

Posted on Monday, 8th February 2010 by jkibler

Business insurances Read this and quickly learn how to save money on the different types of Small Business Insurance that you will need.

Insurance coverage is available for every possible risk that you can imagine with your business. The amount of coverage and the costs vary among insurers and you should discuss your specific risk and the type of insurance that are available with your agent or broker. Your agency can advise you on the exact type of insurance you should consider as different costs are involved.

1. General liability insurance

There’s a type of insurance that you will need to cover yourself due to an accident, injuries or claims of negligence. These policies will protect you against paying for bodily injury, property damage, medical expenses, liable, slander, the costs of defending lawsuits, and settling any and all judgments required should somebody sue you.

2. Professional liability insurance.

This is also known as errors and omissions insurance. This type of insurance coverage protects your business against malpractice and in negligence in providing services to your customers. Depending on what your profession is, you may be required by your state or area to carry such a policy. For example doctors are required to purchase malpractice insurance as a condition of practicing in certain states.

3. Product liability insurance

This type of insurance protects companies that manufacture, sell, distribute or wholesale products in the event that somebody is injured or suffers a real loss as a result of a defect in your product. The amount of insurance you need for this depends on the products you sell or manufacture. If you are operating a bookstore for example, you would need less of this type of insurance than if you operated a gun store.

4. Commercial property insurance

This kind of insurance covers everything related to the loss and damage of company property due to events such as fire, smoke, wind and hail storms, riots, and vandalism. The definition of the word property is broad and includes lost income, business interruption, loss of building, loss of computers, any company documents and of course money.

5. Home based business insurance

Most people do not know this but homeowners insurance policies will generally not cover home based business losses. Many people who have their own home based businesses will have computers, copy machines, fax machines, and all kinds of paper and storage containers. Should your business be damaged or if you are unable to work this policy could possibly provide you with income until you get your business back up and running.

Jimmy says make sure you have insurance for your business if you depend on this to make your living.

Whoa Jimmy?

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