In today’s world it’s tough for a business owner to remain anchored and navigate economic storms. The term “business insurance” refers to protecting the business against losses that occur as a result of business activity. What type of loss is covered by a business insurance policy depends on the insurance company, the policy language, and policy exclusions. Three of the most common types of coverages are “business property”, “business liability” and “product liability”
- Liability insurance generally insures against negligence, bodily injury or resulting property damage.
- Business property generally insures business property that a business owns in the event a loss occurs.
- Product liability generally insures against faulty products and the damage, injury, or death from the use of a faulty product.
Business Specialty Package Policies generally include;
- Accounts Receivable – Provides coverage for Accounts Receivable, which pays for the cost of reconstructing your accounts receivable records if they are damaged or destroyed.
- Equipment Breakdown Coverage – this covers such things as damage to your computer hard drive due to power surges.
- Business Income – Reimburses you if your earnings are interrupted should your business need to be shut down for a time to recover from a loss, such as a fire or a windstorm.
- Seasonal Increase – Boosts your limit of insurance for seasonal variations in the amount of business personal property/inventory you keep on hand.
Insurance companies spread the risk costs among similar classes of businesses to best determine insurance rates for a particular type of business.
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Connell Insurance Agency, Inc. – “Protecting What’s Important To You”
Tel: 828-274-3800 ♦ Mobile 828-279-3543 ♦ Fax 828-277-0354