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Business Insurance

What is Business Insurance?

Like all other forms of insurance, business insurance has the sole purpose of protecting its policyholder. What makes this type of insurance different from most is the fact that it is owned by either a company or a business owner. This insurance can be separated into several different types, including those insurance products meant to protect the business itself, and those meant to protect its employees.

Who Is It For?

Businesses all have to have protection from liabilities. There are insurance products out there for businesses that enable buildings and grounds to be protected from loss due to fire, theft, vandalism, and any other damaging event. Just like other policies, liabilities, such as injuries while on the property, can also be paid for by this insurance. These policies are meant to protect the business itself.

On the other side are the employees. As we know, many companies offer their employees coverage for health, dental, vision, and many other things. This is the other side of insurance for business. Businesses must pay premiums for certain types of complimentary insurance, such as worker’s compensation.

How Does It Work?

Businesses have to pay premiums just like anyone else for their insurance. These premiums are often decided after a long session of negotiation on price and coverage. Monthly payments are made to the insurance company (or companies) that the business is dealing with. When a claim must be filed, the claims department or business manager will contact the insurance company and the claim will be paid. For employer provided insurance to employees, the employee must first notify the company, and then a human resources representative will usually work with the insurance company to satisfy their claim.

What is Covered?

Many things can be covered with this insurance, and it is generally not all handled with one policy. Businesses are generally concerned with their property and liability insurance, and by purchasing these products they are covering their buildings, structures, land, machines, and other property within the buildings. They are also helping to protect themselves against legal expenses and medical payments if someone should get hurt on their property.






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