Business Insurance Types

Business Insurance, Accidents, Critical Illness, Health plans

Risk management is a crucial part of long-term business success today, in all fields. Although many entrepreneurs and startups overlook their business insurance needs as they launch their businesses, eventually long-term growth requires having adequate business insurance.

There are just too many things that can go wrong. Too many liabilities can take a bite out of your profits and assets. And without proper coverage, a minor liability can become catastrophic.

Business insurance requires several different elements, which is why most business owners and entrepreneurs turn to benefits consultants and insurance brokers for guidance. Here are the most common types of insurance policies that business owners will face.

Business Property Insurance

This insures properties on loss or damage to the location of the business and its properties. Others properties under a companies’ control shall be covered when the loss occurs. Property insurance is unique for a specific risk. For instance, fire insurance policy only covers against loss due to fire. In this case, when typhoon or tornado hits, the loss would not be covered. The insured location could be owned, rented or leased.

Note that basic property insurance does not protect against flooding. So make sure that if your building is in a flood plain or is prone to flooding that you obtain specific insurance for flooding.

Business Casualty Insurance

Casualty insurance covers loss, injury and damages due to unforeseen accidents. It is usually coupled with liability insurance. Casualty insurance generally covers actual damages caused by or during the accident.

Business Liability Insurance

Because of its relatively lower cost and greater importance, liability insurance is one of the most popular types of business insurance coverage. Liability insurance covers fault, whether through negligence or malpractice. It doesn’t replace your assets in case of damages. Rather it protects your assets from claims and lawsuits based on covered situations.

Commercial Auto Insurance

Any automobile used for business purposes can potentially expose the business. In addition to covering damage, commercial auto insurance also protects against liabilities that may arise from accidents. Even personal vehicles, owned by employees or employers, that are used for business purposes may require commercial automobile insurance coverage.

Workers Compensation Insurance

Also known as workers comp, workers compensation insurance provides medical care and coverage for employees injured on the company’s premises or injured while performing work for the company. Workers comp coverage reduces the company’s exposure to further suits from employees. In some states, workers comp insurance is required by law.

Business interruption Insurance Coverage

This is crucial as the business is insured against loss or damage to the cash flow and profit of the business due to non-operation because of interruption. A good example would be interruption due to an accident to machinery caused by weather or outside forces. The repair of that core machinery may result in suspension of operations.

Such interruptions may be covered by other insurance like property or casualty insurance, but the waiting period may take some time. With business interruption insurance, the business receives replacement income for the covered period.

Health and Group Insurance for Business Owners, Employers and Employees

New laws require almost all businesses with at least 50 employees to provide health insurance coverage for their employees. Even without the law, health insurance is an important compensation element that companies use to recruit, hire and keep the best talent. To find the most affordable premiums and the coverage you are looking for requires a lot of attention. Define what your true needs are and seek the benefits, then the carrier for it’s rates. Keep supplemental portions OUTSIDE the health insurance policy. The most important and affordable insurance you can get is critical illness insurance covering cancer heart attack stroke and more. Disability insurance if you become disabled can be very important for loss of income just the same as critical illness insurance but pays on disability not a critical illness. accident plans cover if you have an accident such as fallin down the stairs, off a roof or slipped in the bathtub and broke a bone. Most anything can happen and can cause you to subject your employees or business owners to satisfy a high deductible they can not afford. Accident insurance plans are very affordable and for a group insurance the average employee would pay perhaps only $40 a month for accident and critical illness policies. Contact Guarantee Acceptance critical illness policies for an Aflac, Humana or other group health insurance and or supplemental health insurance plans at 1-561-210-5822.

Business Life and Disability Insurance

Life and disability insurance is a protection to the business against death and disability of important employees and personnel. In case a partner carries life insurance policy naming the partnership as beneficiary and the partner dies, the proceeds of the policy can be used by business to buy out share of the decedent’s partnership interest from the state.

Other insurance or scripted policy

A combination of the aforementioned may be apt for the kind of business an individual or corporation is engaged in. It depends on the level of risk associated with the business and how the owner/s can avail the particular type of options.

In all cases, it is better to be secured and insured; hence the business shall be protected.

The good news is that you’re not alone. At Critical Illness Policies, we can help you explore your best options and tailor a plan to meet your needs. Call us now at 1-561-210-5822 and speak to our experienced and helpful agents to get the answers you deserve.