Commercial insurance is a necessity for every business owner. The kind of coverage that a business chooses will depend on a number of factors such as the type of business activity that the business undertakes, the risks involved, the location of the business, the cost and scope of coverage, and the number of employees, among others. Below is a brief look at some of the commercial insurance options that business owners should have.
What kind of insurance should business owners purchase?
- Property Insurance
Every business owner desires to safeguard all property that the business owns, against risks arising from fire, natural disasters, civil disobedience, vandalism, and many other risks. To do this, he/she should consider purchasing commercial. It is however, important to note that the term "property", in this case may be translated to mean many things, including buildings, furniture and fittings, business documentation, money, computers and equipment, lost revenue, or interruption of business activity.
- General Liability Insurance
It is normal for a business to experience various legal hassles arising from injuries in the workplace, accidents, or claims of negligence on the part of the business. As such, the general liability insurance seeks to cover the business against such risks. The cover handles liability payments arising from medical expenses, the cost of lawsuits, compensation for bodily injuries, property damage, libel, slander, settlement of bonds, and many others.
- Professional liability Insurance
This form of insurance coverage is commonly referred to as the "errors and omissions insurance". This is because the cover seeks to protect the business from liability arising from errors,, and negligence in the fulfillment of professional duties or provisions of required services to clients. This form of liability insurance is particularly useful for businesses providing technical and professional services, such as healthcare providers and legal practitioners.
