Types of Business Insurance

Business insurances are designed to provide protection to the business-owners against several risks that are associated with the business sector. For the purpose, different types of business insurance are in practice. The business-owner selects the appropriate business insurance plan that fits with the business.
The business insurance policies are also available online.

Different types of business insurance are as follows:

General liability Insurance: This type of insurance policy is designed to provide coverage against different types of risk. These risks include any kind of accident that occurs in the premises of the insured. At the same time, the accidents caused by the operations of the insured is also protected by the insurance. It also covers the contractual risks.

Workers’ Compensation: This kind of insurance provides the business-owner with the option to compensate his employees in case of any on-the-job injuries. At the same time, it also covers each and every type of occupational accident faced by the workers of the insured and helps in providing benefits to the family members of the injured or dead.
Property Insurance: It insures the physical properties that are related to the business of the business insurance policy-holder. In certain conditions, when the property looses the income production abilities, the insured can claim for payment to the respective insurance company. Through this type of business insurance, the property is secured against any kind of mishap like fire, theft or burglary.

Business Automobile Insurance: This particular business insurance plan covers the risks related to the business vehicles. This coverage includes any type of accident done by the business vehicle and compensation claims related to the accident. At the same time, the policy also protects the vehicle against any kind of damage.

Umbrella (Supplemental Liability): This policy is issued to provide additional protection to the insured. It is an additional policy and is different from the basic policies.

Business Interruption Insurance: This policy provides assistance to the insured while the business of the insured is closed temporarily for certain reasons. The loss of the net profit and the essential money to restart is provided by the business insurance company.

Key Person Insurance:This form of insurance ensures the flow of capital and the existence of the business in certain conditions where the owner of the business or a key employee is injured or dead.

Apart from these, there are some other types of business insurance. These are professional liability or errors & omissions, directors & officers, marine, travel and many more.

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Last Updated on : 29th July 2013

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