4 Types of Business Insurance Needs (information about Business Insurance)
4 Types of Business Insurance Needs (Information Business Insurance) I’m here to talk to you about insurance and more specifically the five types of insurance that your business should really consider investing in on a basic level buying insurance is nothing more than placing a bet and the insurance company is nothing more than a casino with really good PR unfortunately instead of betting on something meaningless like whether you’re gonna get sevens on a paradise or whether you’re gonna get dealt a good hand of cards what you’re betting is that a covered risk is gonna occur during your insurance policy period to your business .
if you have fire insurance for exampl$e you’re only gonna get paid by your insurance company if your business catches on fire if you buy flood insurance you’re only gonna get paid by your insurance company if your business floods if your business does not flood your insurance company isn’t gonna owe you anything some of you might be listening to this going I don’t know about getting insurance it seems like a giant waste of money and honestly there are types of policies out there that are a waste of your money .
I mean when you go to shop for insurance it seems like you can insure pretty much anything nowadays but the fact of the matter is sometimes it’s really important to have that safety net especially with certain situations where you have so much to lose and that’s why today we’re gonna go over the five different types of insurance policies you should seriously consider investing in for your business
*number 1 : liability insurance liability insurance is probably the most important insurance that you can consider that’s because liability insurance protects you generally from third-party claims against your business that means if anybody tries to sue you or if anybody tries to make a claim against your business this policy will pay out this person on your behalf or appoint an attorney to defend now if you want to know how your business can avoid getting sued in the first place .
*number 2: Commercial property insurance I am sure most of you guys sitting at home have homeowners insurance and commercial property insurance is very similar to homeowners insurance dust like your homeowners insurance your commercial property insurance will cover any damage to buildings or personal property owned by your business.
if you’re operating your business out of your home you should take a look at your homeowners policy and read it carefully to see if there are any business exclusions if there are you might want to consider investing in a commercial property insurance policy
*number 3 : Auto insurance this is another insurance most people have experience with and just like your personal vehicle should have insurance so does your business vehicle if you have one in fact most states require auto insurance for business interruption insurance what business interruption insurance does is protect your business from any losses that occur from a disaster .
so if you have a hurricane a snowstorm a power outage or a tree falling through your, roof anything that prevents your business from being able to operate and generate income your business interruption insurance policy is going to cover these losses
*number 4: workers compensation insurance a workers compensation insurance policy can cover the medical expenses and replacement wages of an injured employee legal expenses associated with a lawsuit from an employee help you comply with your state’s workers compensation requirement all insurance policies are subject to exclusions and endorsements so make sure you read your insurance policies very carefully I am sure after seeing this video you are dying to learn more about insurance policies so don’t worry we got you covered icon lawyers latest blog goes in-depth explaining each type of insurance policy that we reviewed today thank you guys for watching I hope you guys enjoyed this video and if you did please click the like button below if you want to see some really great legal education content make sure you visit our website at www.Inusrancete.com
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