All business owners, big or small, will require a number different insurance policies to ensure they are properly protected. Depending on the nature of the business, the types of insurance policy you will need will change and some will suit your business better than others. Therefore, it can be hard to know which types of insurance policies your company will need. In some cases a business may need more than one type of insurance policy. Mark Dicus & Company will share different types of policies so you can see which are better suited to your business.
General Liability Insurance for Small Business
General liability insurance will cover most small business owners from claims of bodily injury, personal injury, and property damages. General liability insurance will help protect you and the company if a claim is filed against you and subsequently you were found to be the cause of harm. There are many “third-party” bodily injury policies that cover the business during possible lawsuits and medical bills if someone was hurt on the business property. Some third-party insurances will also cover property damage that may occur from your business to another business. If your company gets sued for any property damages, the general liability insurance should cover it.
Commercial Property Insurance
Property insurance is a commercial version of a homeowner’s insurance. Property insurance helps businesses from damages done to the property, the building, business equipment and more. Property insurance covers most situations of a fire, theft, customer injury, and loss of income. It the building is damaged the insurance policy should cover repair. A fuller property insurance policy will also cover or reimburse the cost of damage or stolen Inventory, equipment, furniture, and more. Property insurance can vary and be tailored to fit your business needs.
Business Owners Policy Insurance
Business owner insurance policies are designed to cover small to medium size businesses. It is the combination of general liability and property insurance policies. Combining the two policies into one policy helps to lower the premiums which in turn helps to save the company money. A business owner insurance policy helps protect them and their business if there is a third-party bodily injury, property damage, product liability, and advertising injury. Business owner insurance policies also help provide coverage if the building is damaged or property is damaged or stolen.
Workers’ Compensation
Most states in America will mandate that all employers have workers compensation policies. Worker compensation provides lost wages as well as medical benefits to employees that were injured on the job. For employees that except workers compensation, they relinquish their right to sue the company or business owner for negligence. Each state’s law will vary in the amount of coverage the company is mandated to carry. Worker compensation will in general cover domestic workers, farm laborers, and casual employees.
New & Seasoned Business Advising & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
There are many more types of insurance policies for business owners to go over and see which one will protects their business best. At times it helps to seek the aid of the professionals. For professional bookkeeping, accounting, tax aid, and business adviser guidance, contact Mark Dicus & Company today.