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Business insurance provides a way for small businesses to protect its assets. Situations in which insurance can provide financial relief for a company include employee injuries, natural disasters, and lawsuits. If you own a business that employs a staff, no matter how small, it is generally required by most US states to have certain types of coverage. However, most small business tend to buy many types of insurance coverage regardless of whether or not it is compulsory. Unexpected events are bound to occur for any type of business, so it is the most prepared companies that are able to safely navigate emergency situations.

There are generally 5 main types of business insurance coverage options: General Liability coverage, Product Liability coverage, Professional Liability coverage, Property coverage, and Workman's Compensation coverage. General Liability coverage offers financial protection for a business against any workplace claims that may be filed, such as employee accidents and injuries. Product Liability coverage alleviates any financial burden associated with claims that result from any safety concerns of a product that a business manufactures, distributes, or sells. Professional Liability coverage protects a business in much the same way as Product Liability coverage except that it applies to services that a company provides as opposed to products. Property coverage provides monetary protection of business property from natural disasters and vandalism. The business property covered through Property coverage is often not simply limited to buildings. Property coverage may include money, equipment, supplies, and even interruption of daily operations. Workman's Compensation coverage protects a business against financial loss associated with the medical expenses and loss of income of an injured employee. Workman's Compensation is the most common type of coverage that that most US states require business with employee to have.

Insurance is an extremely important business expense that will undoubtedly improve a companies bottom line in the long term. It is better to invest a little up front to avoid a potential financial catastrophe in the future.




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