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Types of business insurance

If you've been in business for any length of time, you know that it is imperative to protect your business, it's assets and your personal assets with the right insurance coverage. Depending on what kind of business you run, you may need several policies to cover everything. Let's dive right in and talk about the various types of insurance needs you may have.

First off, pretty much every business requires some kind of health insurance for it's employees. If you are a one person company, then you will be looking at individual policies. Depending on income level, you may qualify for subsidized health care. These programs vary so check with your government website for details. Once you add an employee, you are eligible for group rates. The more employees you have, the better the prices will be. Since health insurance is such a significant expense, it really pays to check out all of the companies that service your area to get the best deal. There are restrictions that vary with the policy type, so please read the fine print. An example of this is the deductible on your policy. Some policies have family deductibles that are in the thousands of dollars depending on the type of services rendered. Look also at the copay amounts as well as prescription coverage deductibles and limits. Also look out for the policy's referral type. Some insurance policies have a no referral clause where most require a referral to see specialists.

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Now let's move on to other aspects of your business which may require insurance coverage. If you have an outfit that does any kind of construction, you will need insurance to cover the job site and to cover any liability issues arising from accidents. Keep in mind that if you do any work for a municipality, they might have coverage minimums that you must meet. It's no fun having your work held up because you don't have enough insurance coverage for the jobs you've been contracted to do. You also need insurance for your tools, especially if you have specialized tools for your work. Some computer based diagnostic tools are worth thousands of dollars and are small enough to be put in a thief's pocket.

Your workers also need to be covered. There's worker's compensation insurance that you are required by law to have. If you have vehicles that transport your workers and their equipment to and from your job sites, then you will need fleet auto insurance. This is very different from insurance that you get for your home vehicle. If you also have a shop where you might do part of the work, then you will need insurance for the shop and for the tools there as well.

If you have a manufacturing type business, then you will need product liability insurance. Every time you sell your product, it is a potential lawsuit waiting to happen. As such, you need the right type of coverage for the products you are building. Just ask the major car manufacturers.

If you are making food at a plant, then you need a different type of insurance entirely. You probably need insurance to cover losses from product recalls due to contamination or other reasons. Each type of business has it's own insurance requirements.

You may be opening that next great legendary restaurant. Food establishments need to carry plenty of insurance. Many a restaurant has gone under due to poor insurance coverage. That old lady who slips on a meatball and breaks her hip. The wealthy and portly patron who chokes on a chicken bone, name the calamity, I'm sure it has already happened to someone, somewhere. Anyway, you get the idea. Restaurants are ripe for trouble and statistically speaking, you are more likely to have a heart attack after a heavy meal than at almost any other time (excluding very heavy exercise), so make sure you're covered for that. Oh, and speaking of heart attacks, if you are a gym owner, make sure you're covered for that!

Business owners who run exercise gyms pay a nice premium for insurance coverage. After all, you are talking about a gym that's got lots of heavy, potentially dangerous equipment all over the place. People are likely to get hurt at some point, so make sure you've got enough coverage in place to handle the inevitable accident.

Running a daycare outfit? You are taking the responsibility for the safety of children, our most precious resource. Kids will be kids and accidents happen. Make sure you are covered properly, because if you are not, you're going to be out of business. Parents don't fool around when it comes to their kids so you must be particularly careful if you are a caregiver who works with children, particularly small children.

Some industries present unique challenges for insurance companies. Let's talk about OB-GYN physicians. Doctors who deliver babies have very unique insurance requirements. After all, you've all seen the ads on television regarding attorneys and birth defects. How many claims we're settled just to make people go away? This impacts your bottom line and I've spoken with some baby docs. who have left the business because of the costs of the liability insurance. Also, all you need is one claim to make it impossible to get insured. There are other medical professions that require specialized insurance. Heart surgeons, brain surgeons, they all are in the high risk category and insurance coverage has skyrocketed for these professions.

That brings us to medical equipment manufacturers. If you are manufacturing a medical device, then you must be insured to the hilt in case your device accidentally causes someone's death or disability. Class action lawsuits can destroy whole companies, so make sure that you get as much coverage as you can possibly afford to get.

That brings us to the drug companies. If you have a new wonder drug, imagine the astronomical liability insurance required to bring it to market. Drug companies are sued all the time for the problems that their products either allegedly or actually caused.

Some of these scenarios may not apply to you, but we've given you just a taste of what's in store for you if you run a small business. You may not want to deal with insurance matters at all. Most reputable companies have insurance agents who are experts at figuring out your insurance needs. It's a bad idea to just try to randomly pick insurance out for your business. You should get the advice of a trained professional because your business may someday be on the line, and you don't want to find out the hard way that you we're under insured. You will find various articles on different insurance topics. Please feel free to share this site with everyone you know and bookmark it and visit us often. Thanks for taking the time to stop by. We hope that you find what you are looking for.

Pet Business Insurance

Is your business in any way related to the care of people's pets? If it is, then you need pet business insurance. Now you may not realize it, but there's a wide variety of liability coverage that you might need for your business. Let's talk about a few types of pet care businesses for illustrative purposes.

Dog Walking

Your business may be involved in walking dogs. These days, most owners work during the day and the pets are left all alone to fend for themselves. This is a niche business that is getting very popular, especially in the major cities like New York and Los Angeles. You have an abundance of very successful people in a very small area with pampered pooches.

Business Insurance Brokers VS Business Insurance Agents

There are so many things to consider when looking for business insurance. One of these decisions is whether to go with an insurance broker or with an insurance agent. What is the difference between the two and why should you choose one over the other? Those are great questions and we will she'd some light on this issue to better assist you in making an informed decision.

Let's talk about an insurance agent. There are two different types of agents, broadly speaking. The first type serves as a representative of a single company. They are the intermediary between you and the insurance company. The second type, the independent insurance agent represents many insurance companies and can offer you a wide range of quotes and services from different companies.

Home Based Business Insurance

The work from home dream is alive and well. Many people would rather work from home in their pajamas than spend hours of their lives commuting in traffic or sitting on subways, trains, etc. The unfortunate reality is that many people are unemployed and look toward businesses that they can run from home.

If you have your own home based business, you are not exempt from the many insurance needs that other business owners face. Probably your largest expenditure will come in the form of your health insurance. Many home based business owners have a spouse who works for a large firm or office and their health insurance is paid for that way. Keep in mind that family health insurance coverage for a small business owner can reach $2,000 per month. You clearly need a lot of sales even before you can afford to pay just your health insurance, never mind other bills like advertising for new clients.

Business Contents Insurance

If you have homeowner's insurance, you know that your home and it's contents are protected from theft and unforeseen circumstances such as fire and weather related disasters. If you own a business, you might have very valuable contents that need coverage. Many insurance policies for the building or the premises in which said business takes place cover the contents of that business. This is not always the case. For example, let's say that you own a jewelry shop. You may have diamonds on the premises worth tens or hundreds of thousands of dollars. This probably will call for insurance for your business contents as most policies as written will not cover the loss of such expensive items.

What Is Worker's Compensation Insurance?

Worker's compensation insurance, or sometimes called workmans' comp or worker's liability insurance or a number of variants is an insurance that you are mandated to carry for your employees. As such, it is in your best interest to know what coverage each state mandates to be in compliance with the law. Your local insurance agent can assist you in this area and there are online resources as these regulations are posted on each State's website. This insurance is designed to provide for medical expenses and lost wages due to an accident that occurred while working for your company. Without it, you would be liable for these expenses and that could become VERY costly.

There are ways of saving money when shopping for these policies. The optional coverages and coverage limits will determine how much you are going to pay for the insurance coverage. You must balance the cost with the benefits to your employees. These optional coverages and policy limits will affect your employees should they become injured, so choose carefully.

Types Of Business Insurance

If you are a small business owner, then knowing the different types of insurance that is available and which are pertinent to your business is a top priority. There are several types of insurance that most businesses will need for basic coverage and some specialty professions and businesses will need additional policies and/or riders to cover them. Let's start with the most basic insurance types.

General Liability Insurance

If you have been in business for any length of time, you know that accidents and mistakes inevitably happen. It's just part of running a business and is pretty much unavoidable. You need coverage for all sorts of unforeseen events like lawsuits and bills arising from accidents or mistakes you or your employees might make during the course of doing business.

Small Business Group Health Insurance Finding a Plan

In the past, many small companies did not provide any type of health insurance for their employees. Which meant, each employee would have to go without insurance or they would have to pay for expensive policies out of their own pockets. Most companies would not provide the group insurance for their employees because it was considered to be expensive, especially when the employer only had a few employees to share the cost or a group policy.

Researching Small Business Group Insurance Companies

Today, although these policies are still very costly to the small business owner, the owner has more options available to them. These options are normally available through the Internet, since the business owners can search for affordable group polices online. When doing the research, however, one of the first things that the business owner should look for is the company's credibility, experience and their longevity. Once this information has been verified, the business owner should review the coverage in the small business group health insurance policies to see what is being offered to their employees. Policies that cover an employees' medical expenses, vision care and dental expenses is often preferred. Read More

Tips for finding Affordable Small Business Health Insurance

Due to the current state of our economy, most of the US businesses are now no longer waiting for the US government to come to their rescue, and are dealing firmly with all the financial difficulties that are associated with running their business in the United States. Most of them have turned to the Internet to find affordable small business medical insurance for their company. This helps companies in knowing their options, and they can move away from limited plans offered by Government agencies in the market, and they can also get multiple quotes from several providers, which helps them in comparing the plans, and choosing the best one for their financial circumstances. Read More

Why You Need Small Business Health Insurance Plans For Your Employees

If you own a business and have employees but you are still asking yourself whether you really need to have health insurance for your employees then you are probably not aware of the current economy or the health care system. More so you are not aware that these two compliment one another and ensure that the results of your business are positive. However, this does not mean that the hesitation that you have is not understandable.

Health care can cost a small business quite an amount of money and the profits might not even be barely enough to afford to get all the employees health insurance. It therefore may seem unwise for the small business owner to get a huge amount of money from the annual profits in order to get health insurance cover for employees and leave the company unstable. Read More

Business Liability Insurance-Why it is so Important for your Company

Today more and more customers are making claims against companies that have caused them inconvenience or suffering as a result of using their services or products. In these circumstances, the significance of business liability insurance has increased manifold, and you should think of buying it for safeguarding your business interests. Although business liability insurance may not be necessary for all kinds of businesses, but if you are not sure, you can get in touch with insurance company selling these type of policies to know your options.

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Posted in Financial Services Post Date 03/29/2021


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