Accidents happen on business property all the time. Employees, clients and customers can have an accident while at work or while handling business. This is why business insurance is a smart move for any business owner. Without a comprehensive policy, even a minor accident or injury could financially ruin a business. Here is a brief look at what business insurance covers.
A business insurance policy is to protect a company by covering a variety of issues that could financially harm the business. The most important aspect of this is liability coverage, which protects a business during legal battles that the company or its employees face. Business liability insurance splits into general liability, product liability, and professional liability. When a business owner has this coverage, they know that the business is safe. Legal costs are taken care of in the event of an injury on company property, if a product injures a client, or if the business is sued.
Business insurance also covers company and employee property. Property is usually covered if it has been damaged, vandalized, or stolen. The amount of coverage and the premium depends on the size of the company, its assets, and a number of other factors, such as the type of business.
Business owners have a variety of options they can add-on to a traditional business insurance policy. There are sometimes special options available based on the industry. For instance, a business might need coverage for data theft, commercial vehicles and more.