Insurance For Your Business – Types of Coverage and Policies
There are many kinds of business insurance you can purchase through Hollard, depending upon what you’d like to insure (e.g., property, liability, vehicles). The easiest way to decide on the right insurance for your business would be to research your options thoroughly. You can do this by asking the insurance representative to describe various policies and explain how they will benefit your firm. If you’re considering a type of insurance that is not readily available through most companies, you may want to consult with your accountant to see if it would be feasible for you to arrange your own insurance.
Some common kinds of insurance companies provide are property protection, liability coverage, and third-party liability. Property protection covers the physical plant, machinery, inventory and other assets owned by your business. Liability coverage generally protects your employees or customers from harm while using your facilities, as well as property owned by your firm. Third-party liability coverage usually protects your firm or employees against claims made against them by other businesses. These policies cover the cost of repair to physical damage caused by incidents inside your firm’s facilities.
The kind of insurance you need depends upon how extensive your company’s activities are. If your firm engages in relatively small trades, then you probably don’t need specialized coverage. General liability covers your employees, physical plant and inventory and other kinds of property and bodily fluids. Customized coverage, however, can be tailored to suit your specific needs by addressing particular risks, such as those associated with specific kinds of equipment and machinery used by your firm.