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Business Insurance

Good Business Insurance, Customer Friendly Coverage

Intro

All businesses operations are mandate to carry comprehensive insurance prior to opening their enterprise to the public. In addition to being a legal mandate, business owners are quite vulnerable to a myriad of potentially damaging perils such as litigation brought forth by a customer, illness, injury and other types of unexpected losses. As a business owner, you have likely put forth a lot of time, effort, and, of course, money in the creation of your business. Such an investment can be protected with good business insurance coverage.
A business owners policy (BOP) is designed to safeguard your company from the financial loss due to a covered peril or event. Most basic business insurance plans will include protection from financial loss due to theft, vandalism, fires, sever weather, and falling objects. One can also obtain some financial assistance if lawsuits are taken out again you, your company or workers. Once you have purchased a basic policy, you can then add on protection for other perils you might face in the operation of your business.
The following are some business insurance coverage possibilities:

Errors and Omissions Coverage

(Also known as professional and product liability protection) Professional liability insurance provides one with necessary additional support should an outside party make a claim that the business somehow did not provide a service properly. This kind of coverage is particularly helpful for real estate agents, lawyers and other professionals who provide specific services. Product liability policies are not too different from professional liability policies, but they protect the business against claims regarding products.

Vehicle Coverage

Owners of a business will be surprised to learn that separate policies will be needed for vehicles used for business purposes, outside of their private auto insurance coverage. Even if a worker who drives for the company has his or her own insurance, an additional policy will be necessary if, for example, products are delivered or errands are run for the business. Commercial vehicle insurance protects the business from the costs of property damage, litigation, and personal injuries due to accidents.

Umbrella Coverage

Sometimes, when a business grows, it makes sense to purchase umbrella coverage for the business insurance policy. This kind of supplemental coverage extends and boosts the existing coverage for liability lawsuits, property damage, and business interruption losses. As soon as the standard policy is exhausted, umbrella insurance kicks in to make up the difference. Business owners should contemplate this kind of coverage if they have company assets to protect.






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