Hello, my name is Pete. I live in Sydney with my wife and our pet dog. I had never been much of a fan of having to pay for insurance. It seemed like a waste of money. However, my view on insurance completely changed after a severe tropical storm caused the ground floor of our home to flood. Thankfully, the month before this happened, my friend who works in the insurance industry had convinced me that I should take out a policy. He helped me find the best one for my home and as a result, I was able to claim for the flood damage to my home. I decided to start a blog to encourage others to consider taking out insurance.
As a business owner, you have many responsibilities, one of which involves purchasing a commercial insurance policy. Many people who start small businesses think that this is an unnecessary expense, and they don't bother getting it. What they don't realize is that having commercial insurance can protect them from a number of financial issues. Read on to learn more about the things that are covered by commercial insurance.
Liability Insurance
If you own a business, you need to have general liability insurance. This is going to protect you in the event that someone is injured while on your property. This insurance covers injuries to both customers and employees. Also, if someone is injured as a result of using a product or service from your business, general liability insurance will cover the damages. Without this type of insurance, you could end up in a lot of financial trouble, especially if an injured party were to sue for damages.
It is important to note that you may need to have separate coverage for general liability and product liability. If your current coverage does not include product liability, you would be wise to have it added. Depending on the line of work you are in, you may also need to have professional liability insurance. This is used by doctors, lawyers, realtors, etc. Coverage can include malpractice insurance for medical practitioners and error and omissions insurance for business people. In some cases, specifically doctors and lawyers, it is often mandatory that they carry this coverage.
Property Insurance
You need protection for your business assets, such as your building and any equipment you may use for your business. You also need this coverage if you work out of your own home. Homeowner's insurance will not cover a home-based business. This coverage will pay for losses in the event of fire, vandalism, burglary, etc. You will need to check to make sure that flood damage is covered. It may be necessary to have a separate flood policy.
Contents Insurance
Property insurance is only going to cover the property itself, and some types of equipment, such as heavy equipment. In order to have coverage for the contents within the building, you need to have contents insurance included in your commercial insurance plan. You will need to add up the value of the contents of your business, including merchandise and any other items that are inside, and the total value will determine the amount of coverage you should have.
For more information, contact an insurance agent, such as Ian Hewitt & Associates.
Share2 December 2014
