BUSINESS Insurance – Customer-friendly
What is Business Insurance?
Operating a business can be a challenging task that is loaded with many risks. Business insurance provides some financial security for enterprises that operate for a profit. Whether the economy slows down or a major lawsuit is filed against a business, this type of insurance can be used to prevent closure, bankruptcy and other similar troubles.
Who it is For
This insurance is valid for any enterprise that is officially registered as a limited liability corporation, corporation, partnership and sole proprietorship. The insured business can be affiliated with a physical location or postal box. It may even be possible to insure an online business that exclusively does transactions over the Internet. For example, merchants who run e-commerce websites can buy insurance for their virtual stores.
How it Works
An insurance agency has to conduct a thorough appraisal on a business that would like to be insured. The net assets of the business in question have to be carefully calculated. Business owners must also show the insurance company any criminal records and other documents that indicate risk levels. In fact, businesses that have a history of financial trouble might have to pay premium rates for this insurance policy.
Different Types of Coverage in Existence
Liability insurance is perhaps the most important coverage that is available for businesses. This type of policy can cover the legal expenses of insured enterprises. When a lawsuit is filed against a business, the insurance can be used to pay for a lawyer or entire legal teams. The physical and virtual possessions of a business can also be insured against theft, damage and loss. Intellectual property such as websites can also be included in an insurance policy that is underwritten for businesses.
Insurance for businesses can lead to major savings on legal fees that are associated with lawsuits involving personal injuries and libel. This type of insurance coverage can also pay for replacements and restorations of physical infrastructure in an office or other facility. Insurance for businesses is also useful in making up for net losses due to a number of valid reasons.