Top 3 Types of Insurance for Business Income Protection
Business interruption insurance is a kind of insurance which covers the immediate loss of profit that a business incurs after a natural disaster. The immediate income loss covered can be caused due to natural disaster-related closure of the business establishment or due to the reconstruction process following a natural disaster. Loss of business income can also be caused due to theft, damage of equipment and assets, and bankruptcy. In all cases, this insurance policy pays a certain amount of money to the business owner, who takes it as an insurance against unexpected disasters. In most countries, this insurance must be taken by the main office of the company.
Every business must have small business insurance to help protect the assets. When you purchase small business insurance, you’ll get a number of useful coverages which will help protect your business. This kind of business insurance helps in dealing with financial liabilities which arise as a result of lawsuits. You need to take every business insurance for legal liability protection which will help you financially. Learn more information about Small Business Insurance Quotes.
Many people think that professional indemnity insurance is only for large companies. However, this kind of coverage is very useful for small and medium businesses as well. Professional indemnity insurance helps in taking care of professional fees, professional negligence claims, and professional legal expenses, among other things. You can get this kind of insurance by taking individual or group policies. However, before you purchase any insurance policy, you should consider the different kinds of coverage available in order to choose the one which is most suitable for you.
Commercial Property Insurance protects you from losses on the property which you use as your business premises. Some of the policies cover only a single property or a set of properties. You can take commercial property insurance which will cover the entire area of your commercial property. This type of insurance also covers damages done to the building due to fire, theft, or storm. You can also get comprehensive insurance for loss on the commercial property caused by natural calamities like flood, earthquake and fire.
Employment Practices Liability Insurance provides coverage for liability in case a worker gets injured on the job. There are many types of policies available which include general, specialty, and disability. The premiums for this kind of policy are based on the classification of work. In general, the premiums for small businesses are low since the workers are usually employees of large companies.
Another type of policy which can be taken for your business income protection is property damage liability insurance. It protects you if someone has damaged your property whether intentionally or accidentally. In this policy, the insured pays to repair the damage or to replace the property. It is very useful if you have incurred a lot of construction cost on your property.