| Business insurance protects business owners | | | | cover can also be chosen to include fire, theft |
| against a range of possible losses including | | | | flood and even acts of terrorism. |
| vehicles, travel, worker's compensation and | | | | Liability insurance cover |
| buildings. Businesses have much different insurance | | | | Liability cover will insure the business against any |
| needs than a normal person and due to the range | | | | law suits that may arise due to negligence by |
| of different businesses in operation today, also | | | | yourself or your staff. For instance, keeping with |
| require specially tailored insurance solutions. Since | | | | the example above, a store employee mops the |
| the range of insurance products available to | | | | floor in an aisle in your store, but forgets to put |
| business is so vast, this article will focus on small | | | | up a caution sign. A customer walks in and slips on |
| businesses and their insurance options. | | | | the wet floor. If that person gets injured, they |
| The main types of insurance small businesses | | | | are entitled to sue your business for loss of |
| need are vehicle, property, liability and worker's | | | | income due to being unable to attend work, |
| compensation. Worker's compensation cover will | | | | medical bills and punitive damages. These claims |
| usually be required by law if employees are | | | | can be very high and usually a small business does |
| working "danger jobs" such as road works, | | | | not have funds to pay out such claims. If you |
| handling heavy machinery like cranes or similarly | | | | have liability cover, your insurance policy will cover |
| dangerous jobs. | | | | the claim up to the insured amount. |
| Vehicle insurance cover | | | | Worker's compensation |
| If your business requires you or your employees | | | | Worker's compensation is similar to liability |
| to travel using your vehicles, then business vehicle | | | | insurance, but it covers your employees against |
| insurance is crucial. More expensive than personal | | | | injuries sustained on the job. This kind of cover |
| vehicle insurance, business vehicle insurance | | | | may be mandatory in some cases. If you are in a |
| covers the vehicles used for business travel. | | | | dangerous field, such as a road works contractor |
| Business vehicle insurance is generally more | | | | or even in landscaping, where your employees are |
| expensive because a "regular driver" does not | | | | in close contact with dangerous equipment, you |
| always need to be specified. This is due to the | | | | may need worker's compensation insurance. |
| fact that business vehicles are often used by | | | | Investing in proper safety training can mitigate |
| multiple employees and they also tend to travel | | | | your risk, directly lowering your premium for this |
| more than personal vehicles. | | | | type of cover. |
| Property insurance cover | | | | Choosing the correct amount of cover can be |
| Property insurance cover covers all your physical | | | | daunting, but the important things to consider are |
| assets from loss. This may include your business' | | | | the type of business you own, the replacement |
| offices, place of trade, outbuildings and more. It | | | | cost in the event of a complete loss of assets |
| can also provide additional cover for your stock. | | | | and the amount of funds available for a monthly |
| For example, if you own a corner store, your | | | | premium. When you call your broker, make sure |
| property insurance can cover your shop, the | | | | you have a complete inventory with replacement |
| windows and all the equipment and wares inside | | | | costs so that you can choose the correct level of |
| the shop from loss or damage. Different levels of | | | | cover. |