What insurance types should be considered by businesses?
A choice of insurance coverage varies a lot depending on your company, business and a number of other factors. It is important to understand the typical elements of protection.
The following overview shows several major elements of insurance protection to consider when getting business insurance quotes:
|Insurance||Brief description||Do I need it?||Example|
General Liability Insurance (also called Commercial Liability insurance)
|An insurance that protects you from various claims such as bodily injury, property damage, etc. resulting due to the unforeseen negligence of your business. Most businesses should consider having this protection.||Often||A client coming to your office, who fell from the stairs can sue you — those types of claims can be raised independently of the nature of your business and thus you need to be protected.|
Medical professional liability (also called) Malpractice Insurance
|This is insurance that protects health care providers against patients claims who might sue them due to negligence or harmful treatments decisions.This type of insurance is a must for most health-care related jobs such as doctors, dentists, pharmacy professionals, therapists, sport medicine specialists, medical consultants, dieticians and many others.||Yes, if you are work in a health-related domain||Wrong prescription, treatment mistakes, an injury when completing a complex procedure — the list of potential reasons for a liability claim is long.|
Commercial Car Insurance
|Insurance that covers business use of cars, trucks, vans and any other means of transportation. This policy can include coverage of vehicles (e.g. damages), drivers (e.g. medical costs, rehab, loss of income, funeral expenses), liability (e.g. damages to the third-party), uninsured motorist protection, comprehensive coverage (e.g. theft, fire etc.) and number of other protections.||Depends on business||If you regularly visit your customers / clients / patients for contracting jobs or patient at-home treatment, you definitely need to consider this type of insurance.|
Commercial Property Insurance
|Insurance that covers any type of commercial property from a number of risks such as theft, fire, natural disasters.||Depends on business||If you operate your business from home, it is very likely that you’d have numerous tools that you use to run your business, e.g. expensive medical devices and computers, etc.|
Commercial Building Insurance
|Insurance that covers various types of commercial property from pre-determined risks (also called perils) such as theft, natural disasters, fire.||Often||If you operate your business from a commercial building, e.g. receiving patients or clients, you might need to have this insurance.Also, if you purchased a small property to create a boutique manufacturing facility, you definitively need to look into this insurance.|
|Combination of the following types of insurance that you can offer to your employees as a part of the compensation / benefits package: life insurance, health insurance / health benefits, critical illness insurance, disability insurance, drug plans etc.||Often||In order to attract the best talent, you want to consider offering group insurance packages comparable with those offered in the industry. Without that you might be loosing great candidates who could be interested in that form of benefits.|