What is an Insurance Provider?
Business insurance providers are available in two types depending on the policy. Some agents work for a business insurance provider to sell products and carriers who provide those products.
Insurance providers are also comprised of employers at the federal and state government level who offer various insurance plans to companies of all sizes. Business insurance providers typically offer a variety of products that can be purchased by those looking to be insured.
Business Insurance Products
While there are business insurance products for all types of companies and situations, the most common include:
Business Interruption Insurance
In the instance that a disaster occurs, a business’s operations will be interrupted. During this time, the business will lose income due to the inability of the staff to continue operations, make sales calls, or manufacture products. This type of insurance protects companies that require a physical location to conduct business.
Product Liability Insurance
Business insurance providers also offer product liability insurance which protects the company if harm or damage is caused by one of their products which results in a lawsuit. Coverage is tailored to the specific type of product.
Professional Liability Insurance
This type of insurance protects a business from negligence claims due to a failure to perform or harmful results. Each policy is catered to the industry’s specific set of concerns.
Property insurance covers signage, inventory, equipment, and furniture if a fire, theft, or storm should occur. Mass-destruction events, like earthquakes and floods, are not covered under the standard policy so if the area is prone to these disasters, it is best to check with business insurance providers in the area.
Vehicle insurance ensures vehicles used for business purposes from liability if an accident occurs. At the minimum, businesses should have a plan protecting against third-party injury, but additional insurance is recommended.
Workers’ Compensation Insurance
Workers’ compensation insurance covers medical treatment, death benefits, and disability if an employee dies or is injured on-the-job. This also includes low-risk situations like slip-and-fall injuries or ergonomic medical conditions.