When it comes to insurance, a business is in the same boat as an individual when it comes to coverage. If the business wants its property protected, insurance is the answer. This article will touch on some of the most often requested policies businesses have purchased.
General Liability: For damage to someone or their property. This will cover personal injury, like defamation for example, as well as physical injury. If you do business with any level of government or any large businesses, you most likely will have to be insured for at least a $1 million policy.
Health: Health insurance covers sickness and major medical types of events such as operations. It will even cover routine doctor visits. Make sure you read all pre-existing conditions clauses. While they can only hold preexisting against you for up to twelve months it just might be the reason you can't change right now.
Workers compensation: Compensates employees for work related injuries and illnesses. Some states don't require this type of insurance. Cost of worker's compensation varies by state and number of employees.
Business Auto: Covers company vehicles.
Cost depends on:
Type
Size
Number of vehicles
How far it is driven everyday
What it is hauling
Business Owners Policy(BOP): Package insurance which includes:
General Liability
Business Interruption Insurance- replaces business income and pays expenses such as equipment, office rent, fire, theft, or other loses. Cost varies by coverage.
Surety Bond: Covers the hiring of contractors should you default on the job. Once you become established they may waive the bond.
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