Most ordinary insurance policies do not cover against earthquake damage. More
It is essential that your business is adequately insured to cover all possibilities. The kind of insurance you require will very much depend on your circumstances and the type of business that you run, the premises you use and the amount of employees you require cover for. Below you will find the second half of our list of the types of Business Insurance.
Types of Business Insurance (continued)
Casualty insurance will cover your business against damage or loss to your business.
Commercial insurance will protect your business from potential losses that could arise due to unfortunate or unforeseen circumstances. Commercial insurance should cover your business against property damage, liability and theft.
Crime insurance will cover your business in the event of a vandalism, robbery or employee theft.
If an employee becomes disabled then disability insurance will ensure they are protected and provided for.
If your business uses vehicles then commercial auto insurance or fleet insurance is essential and will cover you in the event of an accident, theft or vandalism. This would include cars, vans, trucks and mobile equipment.
Group insurance provides employees with a number of benefits including medical insurance, dental insurance, health insurance, vision, short and long term disability insurance and long term care insurance.
Health insurance will provide health coverage benefits to your employees and yourself in the case of illness.
Legal Expenses Insurance
Also called Legal Protection Insurance as well as Legal Insurance, this type of insurance covers your business against future legal action as well as sometimes also covering everyday legal costs.
Should your company become involved in a law suit liability insurance will protect your legal interests. Liability insurance would also provide protection from acts of negligence or slander. Liability insurance will also protect your company from financial loss from if a product your business produces is deemed defective or unsafe and causes harm or injury.
There are several forms of Liability Insurance including:
- General Liability Insurance will protect your company, partners, employees and volunteers in the event of injury or mishap and damages to property.
- Professional Liability Insurance is for businesses and individuals who provide services and advice such as financial planners, accountants and NGO’s.
- Directors and Offices Liability Insurance is most often taken out by publicly traded companies.
- Malpractice Insurance is for those in the medical profession.
- Errors and Omissions Insurance is for lawyers, consultants and brokers.
Property and Business Premises Insurance
Property insurance will cover your business in the events of vandalism, flood, fire or other weather related crisis. Depending on your insurance coverage this should also include office equipment, machinery and your office contents.
Qualified Sick Pay Insurance
Sick pay insurance will cover you in the event of illness, allowing a person to continue to draw a salary.
Workers Compensation Insurance
Workers compensation insurance will cover you if an employee sustains an injury while at work and will include missed pay.