What You Should Know About Business Insurance
Business Insurance is a very important part of your life. It can help protect the most valuable assets to you, and it will also provide financial protection if something happens to those assets. Here is what you should know about business insurance :
1) What does Business Insurance cover?
It covers many different things, but here are some examples:
* Property damage or loss. This includes buildings, equipment, inventory, etc.
* Liability for bodily injury or property damages caused by accident involving your employees.
* Losses from lawsuits against you arising out of accidents on your premises.
2) How much do I need?
The amount depends on how big your company is, how risky your industry is, and whether you have special needs such as workers compensation insurance. The best way to find out if you need additional coverage is to talk with reputable agents.
3) Who pays my premiums?
You pay all the costs associated with insuring yourself. Your employer may offer group health benefits, including medical expenses, dental care, vision care, prescription drugs, etc. If so, they would be paying these costs directly through their plan rather than having them paid by you individually. You might also receive discounts based on the size of your payroll.
4) Do I get better rates if I buy more insurance?
Yes! Buying multiple policies at once usually results in lower prices because companies compete for your business. Also, when you purchase several types of insurance together, you often qualify for discounts on each policy. For example, if you insure both your car and house with one carrier, you’ll probably save money compared to purchasing separate policies.
5) Can I cancel my insurance without penalty?
If you want to stop taking advantage of certain discounts offered by your current insurer, then yes, you can cancel your existing policy without incurring penalties. However, keep in mind that this means you won’t be able to take advantage of future discounts. So make sure you’re happy with your current provider before cancelling.
6) Should I carry Workers Compensation insurance?
Workers Comp provides benefits to injured employees who work for businesses insured under the program. These benefits include payments made to replace lost wages while recovering from injuries sustained during employment; payment of reasonable medical bills incurred due to accidental injuries suffered while working; reimbursement of funeral expenses; and other miscellaneous items.
Bottom line
Insurance protects us from risks we cannot control. When you own a small business, there are plenty of risks you face every day. But don’t worry. You can minimize risk exposure by getting proper insurance coverage.
