The need for business insurance is being felt more these days than ever in the past. Business insurance plans help cover the costs of a range of liabilities businesses can face. In the absence of a suitable business insurance plan to cover your business, you will have to get stranded during a crucial hour having to bear the cost of any legal claims made against the company. To protect your business from such devastating scenarios, it is incumbent that you cover your business with the right business insurance plan from a reliable provider.
Business insurance plans for small businesses
The right kind of business insurance for a small business is a business owner’s policy. Abbreviated as BOP, a business owner’s policy combines in it business property, business income insurance and business liability insurance in one single plan.
Also known as commercial property insurance, business property insurance helps cover the business location and assets including furniture, documents and tools.
Alternatively termed as commercial liability insurance, business liability insurance can cover the costs of the liability claims that your business might face. For instance, if a customer has to trip and get injured on your business property, he or she can initiate a lawsuit on your company. In such an event, business liability insurance can help cover the cost of such a claim.
The purpose of business insurance plans
The purport of business income insurance is to compensate the loss of income you might suffer in the event of your business going inoperable due to some circumstances that is considered a covered loss in the policy. Business income insurance is a sure way to stay protected against the needs to pay your bills, payroll and steer your business safely through the tough times. For instance, a damage to business property by fire can come under this category. If the business is closed during repairs, the business income insurance you have purchased can help replace the loss of income during the time it takes to fix the repairs.
A number of situations can trigger the need for business insurance. Some states have mandated some categories of business insurance. In most of the states, businesses that have employed a workforce will need a range of insurance plans including disability insurance, workers’ compensation insurance and unemployment insurance.
Workers’ compensation insurance can offer financial support to the employees who have become incapacitated to work on account of workplace accidents and injuries. This insurance also provides for covering the costs of their medical conditions arising during the work. Unemployment insurance plan can provide for the livelihood of the employee who is displaced from their jobs due to conditions that are not their fault.
Do you need a business insurance plan?
If you are wondering if you will need a business insurance Calgary plan, the answer is not straight forward. The true value of a business insurance policy can be understood only during catastrophic events that can shake the very foundation of your business. a number of business owners have realized the crucial importance of business insurance plans when these plans have helped them cover the costs of lawsuits and protected them during crucial situations.