Some Things You Need to Know About Business Insurance

2/22/2021

Running a business comes with plenty of risks. It is difficult to figure out which risks to take and which ones to steer clear from. And there are also the ones that you do not see coming. This is why all business owners must have insurance to protect and help them lessen some risks so their business can prosper.

Why You Need Business Insurance
Lawsuits and other claims can be costly. And nowadays, you can be sued even if you are not at fault. Commercial liability insurance, along with business liability insurance, can help protect you and your business.

If a customer ends up slipping and falling in your store, or if an angry customer decides to sue you, you could be looking at a harmful lawsuit.

Types of Business Insurance
There are three core types of business insurance: professional liability, general liability, business owners policy, or BOP. You must have at least a basic knowledge of all three business insurance to help you decide which one is the right one for your business.

Professional liability insurance: This policy covers experts and professionals against losses caused by negligent wrongful acts, professional duty, and advice and services that lead to someone else's injury or loss.
General liability insurance: This policy covers third-party liability claims for damages and injuries to other people.
Business owner policy or BOP: This policy is a combination of protection for all significant liability and property risks in one insurance package. The business owner policy assembles and constructs basic coverages required by a business owner in one package. Although, it is typically sold at a premium less than the cost of the individual coverages.

Other Business Insurance Coverages

Product liability insurance: This policy covers damages and faulty products, sickness, injuries, or even death that may arise from using a defective or flawed product.
Property insurance: This policy covers damages and other losses to your commercial business property caused by catastrophic events such as storms, fires, and other natural causes.

Conclusion
There are plenty of ways to purchase business insurance. You can go online or call an insurance agency. It is important to note that business insurance policies differ between companies, as well as the price of premiums. Do your research so you can choose the perfect fit for you and your business.

At Meyerson-Roth Co Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (516) 432-5800. You can also request a free quote by CLICKING HERE.

4 Comments

Eli Richardson link

2/23/2022 01:12:23 pm

It was very helpful what you mentioned about business insurance and its different classifications! A few weeks ago, my uncle said he's interested in opening a pawn shop. My uncle's working on his business plan, so I'll be sure to suggest he adds an insurance policy to it! I appreciate your information on which business insurance it's a must for my uncle's project!

Mia Evans link

8/4/2023 12:14:16 am

I totally agree when you said that the owners of the businesses should be aware of the three types of policies that they can get to have an informed decision when it comes to the needs of their company. I can imagine how important it is to avail of business insurance policies that will actually be useful for you when the time comes that you have a claim to process and when you need to face certain lawsuits as well. With the right coverage, the company will not worry about the possible expenses they will face in order to fix the issues or clear their name.

Professional Liability Insurance link

8/31/2023 06:23:48 am

This concise article sheds light on the significance of business insurance for mitigating risks in business operations. It effectively communicates the importance of protection against lawsuits and unforeseen claims. The breakdown of different types of business insurance – professional liability, general liability, and business owner policy (BOP) – provides a clear understanding for business owners. The mention of additional coverages like product liability and property insurance enhances the article's comprehensiveness. A succinct and informative read for business owners seeking insurance guidance.

Victoria Addington link

10/18/2023 06:36:40 am

I appreciated you pointing out that general liability insurance covers damages and injuries to other people. My friend wants to get his business insured. I should advise him to choose business insurance that is ideal for his needs.