Insurance products often play a crucial role in the business process of small business establishments. Actually small businesses with their lack of large fund and comparatively lesser exposure to bigger markets are more prone to risks. Whether in respect of manpower or in relation to property they are vulnerable to higher risks and often burgeoning liabilities. These aspects altogether pose greater risk for the whole business process. In the growing number of startups and small business establishment that continued to grow at a rapid speed, business insurance products are likely to find far bigger audience. Let us have a quick look at some specific solutions with which business insurance brokers can help small business with.
General liability insurance
This type of insurance policy covers damage done to the owner, employees, business products, raw materials or any third party products or personnel. There is hardly any small business house that does not need such cover to stay clear of the financial risk involved in such damage.
Property insurance
It is the second most important insurance required by any business. Property refers to the real estate, equipment, inventory or tools, office furniture and equipments, etc. This policy typically covers these business properties from incidents like fire, smoke, theft, vandalism, etc. For any small business destruction of property can lead to irremediable loss or disastrous consequences for the business and so they need this insurance most.
Insurance for the business owner
The life, safety and well-being of the owner of a small business are most crucial for the continuation of the business process and this insurance with a bundle of coverage for the owner protects the business. Typically, this insurance includes business interruption insurance, property insurance, vehicle insurance, liability insurance and crime insurance.
Commercial automobile insurance
This type of insurance covers the commercial vehicles owned by a company or business. From goods carrying trucks to cars and vehicles for transportation of employees, all types of vehicles owned by the business and used for commercial purposes come under this insurance coverage.
Worker’s compensation
This is an insurance that helps provide compensation to the employees injured in the workplace. The insurance coverage includes wage for the absent period during recovery and medical compensation. By agreeing to the coverage of this insurance, an employee actually leave his legal right to sue the employer for the injury he suffered.
Professional liability insurance
This type of insurance covers the liabilities caused by business process errors or faulty service or breach of contract or any amount of incorrect professional service that have been unappreciated on the part of customer or receiver of the service. It is different from the general liability insurance in this regard that here shortcoming in professional service is insured to provide customer peace of mind against the money spent on their desired service.
Key personnel insurance
Every small business irrevocably depends on the decision makers sitting at the helm of the business or key professionals whose technical collaboration proves to be invaluable for the company. Insurance protection against these crucial people is a part and parcel of business insurance coverage. This insurance is commonly called as key personnel insurance.
