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Understanding Business Insurance

In the event of a disaster, your business insurance will cover the damages and more or less works like homeowners insurance. The minimum allowable coverage is property insurance, liability insurance, workers compensation insurance, and business vehicle insurance.

Property Insurance

This pays for damages to the building you use for your business in the case of fire or theft. It also insures personal property that is within your building of business.

Liability Insurance

This will protect you if someone else is hurt within your building of business. This includes bodily injury or damages to their personal effects for up to your specified limits, in addition to legal fees. This type of insurance also covers any medical bills incurred by those bodily injuries.

Business Vehicle Insurance

This provides insurance for vehicles that your business owns. The incidents that it covers may vary, so consult your insurance company.

Other Policies

Other types of coverage may be needed, depending on the type of business that you run.

Umbrella Insurance

Typically provides protection beyond the ability of liability policies and against high losses.

Terrorism Insurance

Protects against act of terrorism on your building of business.