Business insurance is a policy specifically for business owners. It protects the business, its assets, the employees and customers. This type of policy covers products and features, and is customizable for each business. A policy is beneficial because it protects the business from potentially going bankrupt due to lawsuits and other mishaps.
Liability insurance helps when a customer or client suffers damage because of the business. For example, someone might slip and fall inside of the business location. The policy may cover that person’s expenses if the business is at fault for the injury. Coverage might also pay legal fees if the company faces lawsuits concerning discrimination or unlawful termination. In either case, the insurer might also cover court fees and judgments paid to the victim. Business insurance also covers the location in case of a fire, vandalism, or theft.
Business insurance requires the payment of a monthly premium. And as long as your policy is active, then you can contact your insurer to file a claim. The insurer can deny or approve your claim. Just make sure the event you’re reporting falls under the protection of the policy. And speak with an insurer to make sure you have the proper type of coverage.