insurance is available for nearly any business risk — from worker’s compensation insurance to home-based business insurance. You must look at the cost of certain premiums and make sure you can justify the coverage for a given risk.
Worker’s compensation insurance pays for an employees’ medical expenses and missed wages if they get injured while they are on the job. The amount of insurance employers must carry varies from state to state, including the rate of payment, and what types of employees.
Today, it is popular for business owners to purchase general liability or umbrella liability insurance. This usually covers legal negligence issues, protecting you against bodily injury or property damage, medical expenses, lawsuits, and settlement bonds or judgments.
Manufacturing companies that distribute retail products have to worry about coverage because they are liable for product safety and defective products. What’s more, any service rendered may be capable of personal injury or property damage, defective products, negligence, and breach of an express or implied warranty. Many home business owners don’t realize that homeowners’ insurance policies do not usually cover home-based business losses. This includes professional liability, personal and advertising injury, loss of business data, crime or theft, disability and property.
Web-based businesses usually need specialized insurance that covers liability for damage that might be done by computer viruses
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