Property Insurance

You can conduct a risk analysis by which you consider all possible risks and determine which are the most significant for your particular business. After considering how likely various losses are to occur, how expensive they are to mitigate you can plan for your insurance cover.

The size of the company, type of industry, type of organizational structure, capitalization, geographical area, management team, degree of experience and expertise in the targeted business, capitalization, competitive environment and many other factors can have a bearing on the risk environment for the company. The business owners should address such issues in their business and strategic analyses of the company’s situation. A few of the potential operational risks are as follows:-

The cost is dependent on the specifics of your business situation.

Property insurance protects your buildings and equipment, stock, furniture and fixtures and business income coverage. Basic property insurance will generally cover your business for losses in the event of a fire or lightning strike and will pay the cost of removing property to protect it from further loss. Additionally, a standard small business insurance policy will usually cover losses from windstorm, hail, explosion, riot and civil commotion and damage caused by aircraft, automobiles or vandalism

Property insurance can be purchased on the basis of the property's replacement value (the cost of replacing the item without deducting for depreciation.

There are many different types of third-party liabilities to be covered for a business. Public liability insurance may protect you from claims arising from someone's bodily or personal injuries. Other items that could be covered are damage to the property of others, fire, legal liability and related legal defense costs. 

This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period.

Workers' compensation pays for the rehabilitation, recovery and medical bills of employee’s work-related injuries, as well as lost time when they are unable to work because of a work-related injury. Workers' compensation is not a substitute for health or medical insurance, since employees are only covered for on-the-job injuries.

Workers' compensation is required when you have one or more employees.

Workers' compensation pricing is based upon your employee payroll, the number and job classification of the employees, classification of your business and past loss experience. 

Errors & omissions insurance provides coverage for people who give advice, make educated recommendations, design solutions or represent the needs of others. "E&O" is also referred to as professional liability or malpractice insurance. This type of liability insurance would cover you and your employees in the event someone claims you incorrectly performed or failed to perform your professional duties.