Insurance for Business Owner
While doing business, the business owner can experience a huge loss if the equipment, worker, or vehicle associated with your business gets damaged. With insurance, the cost of these can be reduced significantly.
The business owner insurance policy can be of three different types, which are as follows-
Commercial Auto Insurance
Commercial Auto Insurance is an insurance using which any business owners who have cars, trucks, etc. can be insured. This policy is best for those businesses where there is high use of commercial vehicles like taxi operators, delivery vans, etc.
Commercial Auto Insurance covers all kinds of businesses whether big or small, auto insurance for businesses is a must. The coverage for the auto insurance is as follows-
Bodily Injury Liability Coverage
The death or accidental injuries gets covered under this scheme along with the legal defense against the insurance subscriber.
Property Damage Liability Coverage
If your commercial vehicle inflicts damages to other person’s property then the insurance company will compensate along with providing legal coverage.
Medical Coverage
The medical cost imposed on the driver, passenger, or a business after the accident will be incurred by the insurance company regardless of fault.
Comprehensive Physical Damage Coverage
In this coverage, the insurance company will pay for the damages to your vehicle from theft, vandalism, flood, fire, and other covered perils.
Collision Coverage
The insurance company pays for the damage caused to your vehicle when it hits or gets hit by another object.
General Liability
General liability is an insurance policy in which a business gets insured for almost every scenario like property damage coverage, legal coverage, medical coverage of injured occurring within your business premises. Under the general liability, the following are the coverage covered-
Physical Damage Of Any Person
Any kind of bodily injury including the cost of care, rehabilitation, death will be incurred by the insurance company.
Property Damage
Property damage coverage for the physical damage to the property of other or your own.
Product or Service Damages
In this insurance scheme, If your product or services caused any damages to the user, then the insurance company will be liable to pay for any compensations (including your legal expenses).
Contractual Liability
This policy extends any legal liability that you may attract after entering into a variety of contracts.
Other Coverage
You’ll also be covered by any cost incurred due to the reasonable Use of Force, Borrowed Equipment, Liquor Liability, Non-Owned Vehicles, Fire, Lightning or Explosion Damage, Water Damage Liability Protection, Legal Defense Costs, Medical Payments, Personal Injury, Advertising Injury, and specialized liability protection for specific business types.
Compensation to the Workers
The government has made it mandatory for a business to provide basic compensation to the workers in the case, they get injured or died during business operations.
The government has implemented many mandatory safety standards while working but still, accidents can happen and in those cases, an insurance policy can be very helpful for both business and the injured employee.
Workers Compensation Insurance is not health insurance, it is insurance that only covers the business injuries sustained while doing the job.