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Business Insurance
These days, business insurance is a critical need for any company. A comprehensive insurance policy can protect your business, customers, and income from liability claims. In light of that, knowing what kind of insurance you need for your business is critical.
BizInsure agrees with this mindset – it’s why our policies are designed for the professional or company looking for a robust policy that considers the scale of their business. Everyone deserves access to business insurance, and part of our mission is to offer policies in your favour.
That being said, there is some key information you’ll want to know beforehand when consulting with BizInsure about a policy. Let’s talk about a few of them.
What is the importance of getting proper insurance services?
A business insurance policy protects companies – or in some cases, the professionals working for said companies – from losses resulting from normal business activities.
There are many types of business insurance, such as General Liability Insurance, Professional Liability Insurance, Errors and Omissions (E&O) Insurance, and Workers Compensation Insurance. Each type targets a specific liability or risk exposure, with coverage benefits varying between providers depending on your business, profession, or industry.
Insuring your business is critical for several reasons. In Australia, some forms of insurance are required by either federal or state law before businesses may be licenced for operation. For example, your business will need Workers Compensation Insurance if you have employees or direct-hire staff. Public Liability Insurance is also required for certain businesses to protect against third-party claims of injury or damage that may occur on your business premises.
How at risk is your business?
With that in mind, providers like BizInsure provide businesses with the required policies based on your business profile. More to the point, your business insurance is typically determined by factors such as these:
- Your industry, profession, or business type
- Your business assets (may include real estate properties and equipment)
- Your employee roster
- Your business’s annual income or projected value
- Any existing claims of liability made against the business
These are only a few of the factors that insurance providers assess when determining which company insurance is right for your livelihood. To get the best policy for your business, BizInsure’s suggestion is to be straightforward about your business’s risk exposure.
Risk exposure is the quantified potential loss your business may face while operating. In most cases, this is calculated by multiplying a risk incident’s probability by the potential loss. The higher the projected risks, the greater the potential cost to your business.
BizInsure can help you identify your risk exposure and, subsequently, offer suggestions on which type of business insurance is best for your business.
What are the different types of business insurance available?
Generally speaking, there are multiple types of business insurance for almost every professional or commercial liability. That being said, a few types are commonly required or used among businesses for their comprehensive coverage or appropriateness for their respective industries.
Below are three such types of business insurance.
Professional Liability Insurance. Professional Liability Insurance policies protect you from negligence claims arising from errors or negligence according to the demands or requirements of a transaction or contract. It is important to note that every industry has liabilities unique to it, so this insurance type does not uniformly apply across the board.
General Liability Insurance. A General Liability Insurance policy aims to protect against claims of bodily injury, personal injury, and property damage caused by a product, service, or asset belonging to the business. While a General Liability Insurance policy covers many risks a business may face, it doesn’t cover certain liabilities, such as disability or Workers Compensation Insurance.
Business Owner’s Policy. A Business Owner’s Policy (BOP) is a cost-effective business insurance type that combines commonly purchased individual policies under one umbrella policy. These policies are usually General Liability, Commercial Property, and Business Interruption insurances, give or take a few additions depending on the provider. BOPs are often preferred by companies with fewer than a hundred employees.
How do small businesses benefit from income and asset protection?
Small businesses benefit from insurance policies because these policies help to protect you and your business from potential financial disasters. More specifically, business insurance offers you certain advantages.
One such advantage is a boost in reputation. An insurance policy for your business improves its reputation and makes it attractive to potential customers. An insured business assures customers they have recourse if something unfortunate happens while conducting business with your company or staff. Some customers may even avoid establishments or businesses without clear insurance policies.
Another advantage is financial support. Liability claims are common among businesses, and given the costs of legal proceedings and settlements, a lawsuit could bankrupt your entire livelihood. A business insurance policy may help cover legal fees or settlement costs up to the policy’s coverage limit.
Lastly, as mentioned above, business insurance may be required for the continued operation of your company. Depending on the industry, these policies provide protections not just to the business but also to the employees. Such policies may cover the medical expenses for a workplace accident, for example, or if a business interruption, like a natural disaster, leads to loss of income.
These are just a few of the benefits you can take advantage of with a business insurance policy. The details will vary depending on your industry and desired policy coverage, and the good news is that BizInsure is ready to help you find and compare comprehensive insurance policies from a top-rated insurers.
Don’t leave your business unprotected. Contact us today and ask for an insurance quote comparison.
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CEO Of - Opting Fiverland
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