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Types of Business Insurance – Which One is the Best for You?

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business insuranceYou can get insurance coverage for every imaginable risk that may be faced by your business. Cost and extent of coverage vary from insurer to insurer. You should talk to your insurance broker or agent about your particular business risks and various types of business insurance. By doing so you can get helpful advice from your agent about exactly which type of insurance you should choose to buy. Visit the website of a Las Vegas Business Insurance provider to know more about business insurance and to get helpful guidance.

General Liability

General liability insurance covers legal problems created because of injuries, accidents and negligence claims. This type of policy protects you against payments as a result of property damage or bodily injuries, slander, medical expenses, cost of lawsuits and settlement bonds or judgments needed during the process of an appeal.

Product Liability

Businesses that manufacture, distribute, wholesale or retail a product may be liable for that product’s safety. Product liability insurance covers you against financial loss arising from a defect in the product that poses bodily harm or injury. The size of insurance you should buy depends on the products you manufacture or sell. Thus a clothing shop will have a much less risk than an appliance store.

Professional Liability

Owners of businesses that provide services must consider getting professional liability insurance. It is also called errors and omissions insurance. It covers your business against errors, malpractices and negligence in providing the services to your clients. You may be needed by your state government to have this type of policy depending upon your profession. E.g. physicians are needed to buy malpractice insurance as a condition for practicing, in some states.

Commercial Property Insurance

Property insurance protects you regarding everything associated to the loss and/or damage of property of the company resulting from a wide range of events like hail storm, fire, wind and smoke, and also vandalism and civil disobedience. Actually the term “property” is quite broad and can include buildings, company papers, computers, money, business interruption and lost income. Property insurance policies are of two types again:

  1. All-risk policies cover a wide array of perils and incidents barring those mentioned in the policy
  2. Peril-specific policies cover losses from those perils only mentioned in the policy. Examples of perils are flood, fire, crime etc.

All-risk policies usually cover risks encountered by average small businesses, while peril-specific policies are normally bought when there is a higher risk in certain area. Discuss with your broker or agent about the type of property insurance that will best suit your business.

Home-based Business Insurance

In contrast to the widespread belief, homeowners’ insurance policies don’t usually cover losses in home-based businesses. Based on the risks faced by your business, you may add riders to the policy to get protection against common business risks like property damage. But homeowner’s policy can cover home-based businesses and you may require buying additional policies to protect yourself from other risks, like general and professional liability.

ElevateInsurance.com is an independent Nevada health insurance and business insurance firm representing some of the most respected and famous business and commercial companies in Nevada. They know the Las Vegas health, business and commercial marketplace and will find just the right policy for you to suit your business’s needs.

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