The small business insurance programs are designed to cover the insurance needs for the small businesses. Various types of small business insurance programs are available that are suitable to diverse needs of the small businesses.
The small business insurance policies give the businesses a guarantee to cope with some sudden risk. The insurance policy for small businesses may not only be useful to the businesses but also to the business relationships. Apart from the accountant and the attorney, the businesses need to have an insurance agent in order to start-up the insurance process.
The insurance agent can handle all the insurance needs of the small business. There are insurance policies available that are designed to cover all the needs of a small business. The insurance coverage for small businesses may vary from one insurance program to another.
Some of the insurance coverage offered by most of the programs are:
Small business liability insurance
Small business health insurance
Business property insurance
Worker s compensation insurance
Excess liability coverage
Employment practices liability coverage
Other insurance coverage
The risks covered by the small business liability insurance policy are – personal and advertising injury, fire legal liability, general liability for the business premises and products and completed operations.
The small business health insurance is generally designed for the health insurance of the employees and also to their dependants. The insurance policy covers the medical expenses of the employees under certain regulations. The major benefits of the small business health insurance are the extensive medical coverage and lower premium.
The small business property insurance covers the risks such as � buildings damages, loss of income, earthquake, business personal property damages and floods. Worker�s compensation insurance is mandatory for the small businesses having employees. There are some worker’s compensation insurance policies that provide additional services like loss control services and risk management that are beneficial to the small business operations. Other insurance policies for small businesses generally offer coverage for automobiles, tailored health insurance plans, etc.
The small businesses when go for insurance plan need to include the excess liability coverage for the business. Using a broad form of business property insurance is also necessary for the companies. The health insurance policy can be a good option for the small businesses to recruit and keep good employees in the company. The small businesses also need to increase all the insurance coverage appropriately as the business grows. In the event of the death of a partner, maintaining a buy-sell agreement with the partners funded by life insurance may be a good option.
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Last Updated on : 29th July 2013