• Business Insurance
  • Just like human life, the life of a business is full of unexpected events that can have excessively large costs: earthquakes, floods, fires, theft, death of a business partner, loss of intellectual property, lawsuits, etc. Any of these kinds of events can bring about costs that cannot be covered by a business’ normal operating budget. These kinds of costs make it wise for any business to carry the proper insurance so that a company’s’ assets are properly protected. 

    General Liability, Product Liability, and Commercial Property Insurance are a few of the basic types of insurance necessary to protect the long term viability of any business. Here is a general description of these types of insurance:

    General Liability Insurance. This is the basic insurance necessary to protect a business against lawsuits due to unexpected injuries and accidents that occur at the place of business or due to the operation(s) of a business. Bodily injuries to customers or employees, negligence, accidents, and slander are some of the things that general liability insurance covers.

    Product Liability Insurance. Companies that manufacture, wholesale, distribute, and retail a product may be liable for consumer safety. Product liability insurance protects against financial loss as a result of a defective product that causes injury or bodily harm.

    Commercial Property Insurance. There are several kinds of commercial property insurance. Basic commercial property insurance covers the loss, damage, or theft of any company property, as well as the tangible products and the raw materials necessary to create these products.

    There are many other kinds of business insurance that a company or institution should consider based on the nature of its products/services, including Workers Compensation Insurance, Home-Based Business Insurance, Professional Liability Insurance, Flood Insurance, Automobile Insurance, Renters Insurance, etc.