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Welcome to a over view of business insurance. Here we will discuss what business insurance is and how it works. By using websites, videos', and picture we will try and learn more about what business insurance is.

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Following the link below it will take you to the Investopedia website. This website includes a great overview of what business insurance is. Business insurance is any different types of insurance a business would purchase to cover any liability's they may have. For example, most business have a building. Therefore because the business would want to protect there building if something happened to it the business would purchase insurance on it which would result in business insurance.

The reason that I chose this article is it a great starting point for understanding what business insurance is. By giving a brief overview with different example it allows the reader to understand what
business insurance is.

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What Is Business Insurance?

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.

Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Understanding Business Insurance

It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker. You can obtain a list of licensed agents in your state through your state's department of insurance or the National Association of Insurance Commissioners.

Also known as commercial lines insurance, these coverages include property and casualty insurance products for businesses. Commercial lines Insurance helps keep the economy running smoothly by protecting businesses from potential losses they couldn't afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so.

Commercial policies may be contrasted with personal lines insurance.

Types of Business Insurance

Several types of business insurance that small business owners might consider, including the following:

Professional Liability Insurance

Professional liability insurance insures against negligence claims that result from mistakes or failure to perform. There is no one-size-fits-all professional liability coverage. Each industry has its own unique concerns that should be addressed.

Property Insurance

Property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm or theft. However, it doesn't cover mass-destruction events like floods and earthquakes. If your area is at risk for these issues, you'll need a separate policy. Another exception is personal property that is very high value and expensive-this is usually covered by purchasing an addition to the policy called a "rider." If there's a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.

Home-Based Businesses

Homeowner's policies don't cover home-based businesses like commercial property insurance covers businesses. If you're operating a home-based business, inquire about additional coverage for equipment and inventory.

Product Liability Insurance

If your business manufactures products to sell, product liability insurance is very important. Any business can find itself named in a lawsuit due to damages caused by its products. Product liability insurance protects a business in such cases.

Vehicle Insurance

Any vehicles used for business should be fully insured. At the very least, businesses should insure against third-party injury, but comprehensive automobile insurance will cover the vehicle in an accident, as well. If employees are using their own cars for business, their own personal insurance will cover them in the event of an accident. One major exception is if a person is delivering goods or services for a fee, including delivery personnel.

Business Interruption Insurance

Business interruption (or continuation) policies are a type of insurance that is especially applicable to companies that require a physical location to do business, such as retail stores or manufacturing facilities. Business interruption insurance compensates a business for its lost income during events that cause a disruption to the normal course of business.

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Business Insurance: Definition, Types, and Importance

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Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

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Following the link below it will take you to a website all about the different types of business insurance for small businesses. There are many different kinds of business insurance all depending on what the certain business is looking for. Some of the more important and common ones are, commercial general liability which is the coverage off bodily and property damage. There is also cyber risk coverage that helps protect small business from falling victims to cyber attacks and losing large amounts of profits.

The reason that I chose this article is it has great examples of different small business insurance. I find this extremely helpful as many people may start small business and this could be some very useful information.

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Understanding insurance can be a long and sometimes boring process. At TruShield, we want to make your insurance experience as easy and painless as possible. We aim to break down any misconceptions you have about small business insurance and help you understand the risks you face so you can protect your bottom line. We understand you're busy running your own business, so we do what we can to keep things short and simple. Here are 8 key coverage types that every small business owner should be familiar with.

8 important types of small business insurance you need to know about

Commercial general liability

If you're only going to consider one kind of insurance protection for your small business, it should probably be commercial general liability. It doesn't matter if you're a professional services provider, a creative services specialist, a retail shop owner, a contractor or a skilled tradesperson-every small business is at risk for liability claims. Commercial general liability coverage protects against two common liability claims: bodily injury and property damage.

Bodily injury to a third party is a common liability claim against small business owners. It assumes that some sort of negligence took place for the injury to happen, but that doesn't necessarily mean the negligence was the fault of the business owner. Sometimes, someone may be responsible for their own injury on your property and they could still file a liability lawsuit against you. These lawsuits are expensive and time consuming and could find you financially responsible for costs associated with pain and suffering, medical bills, lost wages and legal fees.

Lawsuits are expensive and time consuming, and may lead to you being financially responsible for costs associated with pan and suffering, medical bills, lost wages and legal fees. tweet

Property damage should be a top concern for small business owners. If you're found legally liable for damages made to a third party's property, you could face costly legal expenses and damage your reputation with your customers. For example, if you operate a computer repair centre and a customer claims their computer suffered damage while in your possession, you may face a property damage lawsuit. Incidents that are related to property damage are often grouped with other types of liability concerns in one claim. Often, product liability and property damage will overlap in a single incident.

Business interruption insurance

Canada has seen some very serious natural disasters over the last few years. The 2013 Alberta floods and the Fort McMurray wildfire are two examples of why business interruption insurance is so important for small business owners. This coverage is designed to help keep businesses going after they suffer a major loss, because, the truth is, 40% of small businesses won't recover after a disaster. It can provide financial relief to help cover your bills, payroll and other ongoing expenses until you're back on your feet. Business continuity planning goes hand in hand with business interruption insurance and is another thing all small business owners, startups and entrepreneurs should consider. It's important to look at the risks your business faces, and develop a plan with specific steps to help minimize the consequences if you suffer a loss.

The truth is, 40% of small businesses won't recover after a disaster. tweet

Product liability insurance

Product liability is particularly important for small businesses that provide a product rather than a service. Product liability refers to situations where an issue arises with a product and the source of the problem can be traced back to the business that sold the product. If your business is found responsible for an issue with one of the products you sell, you could find yourself tangled up in a costly, time consuming lawsuit. Your product liability insurance can help protect you from legal and medical costs that may come up in these instances. Common issues resulting in product liability claims include:

Faulty products

Products that cause bodily injury to a customer

Products that cause property damage

Illness caused by food or beverages

If your business is found responsible for an issue with one of the products you sell, you could find yourself tangled up in a costly, time consuming lawsuit. tweet

Professional liability insurance

If your business doesn't sell any products, but rather provides a professional or creative service of some kind, you should have professional liability insurance. Professional liability insurance is also commonly known as errors and omissions insurance, or when referring to medical professionals it's known as malpractice insurance. This particular coverage helps protect business owners when clients claim they've suffered a financial loss due to an error or omission in the service provided by your business. For example, let's say you're an interior designer and you've been hired by a new restaurant to design their interior space. Unfortunately, you fail to meet the contracted deadline, which results in a delayed opening date. You might face a lawsuit for the income the restaurant lost due to the delayed opening. Professional liability insurance could help protect you with the costs associated with the lawsuit. Some examples of small business types that should have this coverage include:

Graphic designers

Web designers

Copy writers

Consultants

Accountants

IT technicians

Brokers

Financial advisors

Photographers

Public relations representatives

Cyber risk coverage

In the increasingly digital world, the threat of cyber attacks and breaches continues to grow. Many small business owners think they're not an attractive target for hackers due to their size-but the truth is some cyber attackers are actually targeting small businesses because they aren't as prepared or well-protected as mid or large-sized corporations. This type of loss will not only affect your bottom line, but your relationship with your customers as well. One study found that 73% of consumers would reconsider doing business with a company if it failed to keep their data safe, and 1/3 said they would close down their online account following a breach or stop dealing with the business completely. Cyber risk coverage can help with costs associated with a data/cyber breach to your computer, network or other electronic system.

73% of consumers would reconsider doing business with a company if it failed to keep their data safe. tweet

Equipment breakdown insurance

Whether you're a professional service provider, a retail shop owner or a contractor or skill tradesperson, it's very likely that your small business requires some sort of equipment for your daily operations. Whether it's an industrial table saw, or an electrical oven-if that equipment suddenly broke down, it may throw a wrench in your operations. Equipment breakdown insurance can help with repair or replacement costs when your equipment suddenly breaks down without warning due to an insured peril.

Commercial property insurance

Your business was built around a great idea, but it takes a lot more than that to operate it. Whether you're in the beginning stages of your startup or you've run your own small business for many years, it's important to make sure the building you operate out of and everything inside are protected from loss. Commercial property insurance can help with the repair or replacement costs of equipment, inventory, furniture, computers and other electronics if you suffer a covered loss. Your coverage can even extend to things outside of the building such as signs, fencing, trees and shrubs. If damage is done to your property as a result of an insured peril, the right policy can help mitigate the long-term effects of the loss, and limit your business' downtime. This helps you maintain your business' continuity and protect your relationship with your clients or customers.

If damage is done to your property as a result of an insured peril, the right policy can help mitigate the long-term effects of the loss, and limit your business' downtime. tweet

Commercial auto insurance

Did you know that if you're transporting products or equipment for your business and you're involved in a car accident, your personal policy may not cover any damage to your products or equipment? There are some key differences between personal auto insurance policies and commercial auto insurance policies that may lead you vulnerable to a risk as a small business owner. If you use your personal car for your business on a regular basis, you should consider commercial auto coverage. Still unsure? Ask yourself the following questions:

1. Who owns the vehicle? Is the ownership in your name or is it registered to your business. If it's registered to the business you should have commercial auto coverage.

2. How is the vehicle used? Do you make deliveries? Do you travel between jobsites daily? Do you cater events at various venues on a regular basis? If you use your personal vehicle to deliver goods, materials or merchandise, or to transport equipment or tools then you need commercial auto insurance.

3. Do you drive for a ridesharing service? If you operate as a ridesharing driver, you should always check with your broker or insurance representative to make sure your policy allows for ridesharing and if you require any additional commercial insurance coverage.

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8 important types of small business insurance - TruShield Insurance

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Understanding insurance can be a long and sometimes boring process. At TruShield, we want to make your insurance experience as easy and painless as possible. We aim to break down any misconceptions you have about small business insurance and help you understand the risks you face so you can protect your bottom line.

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Following the link below it will take to you to The Hartford website. This website dives deeper into what exactly each branch of insurance will cover for a business of any size. For example if your business is starting to grow and you now have employs, it may be helpful to purchase employee insurance. This will help by providing benefits and coverage for any accident that may occur to your employee while they are at work. Not only will this help the employee it will also help the business as they may have to pay a lot less if an employee is injured.

The reason I chose this article is the break down and assessment of the different types of insurances a business may need. By following the different outlines that are on the website a business could chose the insurance that best suits there needs.

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Business insurance helps protect a company’s financial assets and property from loss. Learn more about business insurance and what the purpose of business insurance is from the experts at The Hartford. Find out what insurance is best for your business today.

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Following the link below it  will take you to another Hartford website. This is a much more detailed break down of all different types of insurance focused also on larger companies. A good example of this is the discussion of multinational insurance. This covers the importance of making sure as your company grows so does your insurance coverage. Also included within the website is what insurance may not cover such as natural disasters.

The reason I chose this article is due to the great detail it goes into for each type of insurance that a large company may need. It also looks at detailing what might not be covered within a insurance plan and how to over come those uncovered areas with different policies.

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Business insurance can help pay the costs of property damage, lawsuits, lost business income, and other covered losses. To help protect against specific risks unique to their situation, businesses often buy multiple coverages and combine several in one policy. A Business Owner's Policy, for example, combines property, general liability and business income coverage into one convenient policy.

Among the most popular business policies is a Business Owner's Policy (BOP). A BOP generally includes business property, general liability and business income coverages in one policy. Combining these coverages can help save you money and it's convenient.

Insurance helps protect from the cost of bodily injury or property damage claims against your business. For example, a customer may make a claim against your business if he is injured in your store. General liability can help cover you against the costs of the claim and potential defense costs. It also helps protect your business from the costs of errors in your advertising.

Business property insurance helps protect your business's buildings and personal property. This might include furniture, tools, equipment and inventory.

Business income insurance helps replace lost income if you close temporarily due to a covered loss like theft or property damage from a fire. It can also help you continue paying expenses while your property is replaced or repaired.

Professional liability insurance helps cover costs related to claims that your business made errors in providing its services. For example, if you make a clerical error and it causes a client to lose thousands of dollars, professional liability insurance can help cover the costs if the client makes a claim. A business doesn't need to do anything wrong to be sued. Depending on the scenario, coverage would apply to defend a business if sued.

Workers' compensation insurance helps cover costs to employees while they are unable to work after suffering a work-related injury or illness. Workers' comp from The Hartford also provides programs to help employees prepare to return to work after their absence. And, if a worker's family decides to sue your business, Workers' comp can also help cover the legal fees.

A commercial auto policy helps protect your business from the costs of a work-related auto accident. If you or an employee is in an accident while driving for business reasons, commercial auto can help cover the costs that results from the accident.

Data breach insurance helps protect your business from the costs of cyber threats or attacks. If your business is attacked, coverage from The Hartford can help cover the costs: to find the source of the breach and mitigate the damage; of communicating to those affected within and outside the company; and for public relations to manage your company's reputation through the crisis. Our data breach insurance policy even includes access to services that teach you best practices that help prevent breaches from happening.

Commercial umbrella insurance acts as a safety net that provides additional coverage when other liability policies reach their limits. For example, say a customer slips and injures himself in your store. He then makes a claim against your business for $200,000. If your general liability policy has a limit of $150,000, commercial umbrella insurance would help cover the remaining $50,000. Businesses find this coverage is essential for helping protect against financially devastating lawsuits and claims.

Commercial flood insurance helps protect your business from the costs of covered flood damage. This includes damage to physical location of your business as well as its assets. For example, say melting snow floods the basement of your business. The floodwater damages the floor and some tools. If this happens, commercial flood can help cover the cost to repair the damaged floor and tools.

Employment practices liability (EPL) helps protect your business if an employee sues you. Even if you are not at fault, defending a lawsuit can be costly. Employees may make a claim against your business for reasons such as discrimination, harassment or wrongful termination. If they do, EPL can help cover the related costs.

Risk engineering services from The Hartford help mid- and large-size businesses with loss control solutions designed to create a safer work environment. Risk engineering professionals evaluate your business's risk exposures and then create improvement plans, and programs to train you and your staff to safely handle accidents and follow safety protocols. This can result in a safer, more productive and profitable business.

Multinational insurance can help streamline coverages if your business has operations outside the U.S. This coverage from The Hartford creates a single point of contact for all your business insurance needs. Our Multinational Insurance policy offers coverage in over 150 countries.

Surety & fidelity bonds - A surety bond is a contract between three parties that helps ensure a project gets completed or a commitment is met and guarantees a payment if they are not. Fidelity bonds are a form of insurance that protects businesses from financial loss due to employee theft or fraud.

Home-based business insurance helps cover the costs of property and liability risks to businesses that operate out of a business owner's home. If you keep supplies, equipment or other business property at your home, or have customers stopping by, consider adding this coverage.

Losses from certain types of natural disasters, floods and other major weather events may not be covered by standard commercial property policies. The same applies for customers' property that is stored at your business. Things like intentional and fraudulent acts are not covered by standard professional liability policies; a Fidelity Bond could cover some acts of fraud or theft. Standard general liability polices do not cover auto accidents - you would need commercial auto coverage for that.

Standard types of business insurance policies don't cover everything but it is possible to add coverage riders to standard policies to help cover additional risks.

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What Does Business Insurance Cover? | The Hartford

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Business insurance can help pay the costs of property damage, lawsuits, lost business income, and other covered losses. To help protect against specific risks unique to their situation, businesses often buy multiple coverages and combine several in one policy. A Business Owner's Policy, for example, combines property, general liability and business income coverage into one convenient policy.

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I chose this picture for a few reasons. First of all it shows all the different areas business insurance protects. It also shows all the hands that go into to making sure a business is properly insured.

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I chose this picture as it shows how complex business insurance can be. For a company as simple as a local landscaping company there is a lot of behind the scene business insurance that goes into protecting a company.

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The following video provides an insight to exactly why a business would want to invest into having insurance. The video continues to explain that since issue revolving around insurance is typically liability issues, any failure to properly protect can result in law suits and charges more then the business can pay resulting in bankruptcy. The video then continues to explain how insurance is a precaution taken by business. It does not mean no damage will occur but all damaged good, services, and employees will be taken care of.

I found the video very useful as it goes into detail on why you should have insurance in the first place. Insurance will never mean that your business is safe from anything bad happening to it. But rather you take proper precaution to assure yourself that when something does happen you are protected from it.

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The following video is actually an ad for a small business insurance company. The companies name is Hiscox Small Business Insurance. The video is very informative on why a small business would want to obtain insurance. When dealing with the general public you never know who exactly you are dealing with. For that reason, you must always prepare yourself for the worst.

I found the video useful in more then one way. For starters the company has real world experience with small business insurance and can provide the best detail on what exactly the policy would need to cover. Secondly because it is a company it supplies a starting point for those looking to maybe buy some small business insurance.

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The following video is a great reason on real life experience. It is a quick interview conducted with a small business owner. During the video three different incidents are spoken about and we can then see how insurance would help in all situations. The first incident was a fire in the wood shop. Fires will destroy buildings there fore it is good to have protection against fires. Second was a personal accident. You never know when an accident might happen. Therefore being protected by insurance is always a good thing. Lastly a flood happened. Again this is a random and unpredictable event that insurance will help cover.

I think this video shows just how valuable insurance really is. Each of the examples that were given in the video could of resulted in closure and failure of the business if the owner had failed to properly insure themselves and the business.

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Urbanproduct - The fire, the flood and the thumb (TruShield Insurance)

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The following video is a excellent example of just how important it is for any small business to have insurance. The video explores how even with a home office it is still necessary to have insurance. Because home and auto insurance do not always cover for a home business it is important to protect your business as well as your home. The video goes on to explain incident that may occur at home that would be unprotected happening to a home office. Fire, harm to yourself or costumer, robbery, and auto are all examples of things that could affect ones home and home office but no be covered due to it being a business.

This video very much amplifies the necessity to make sure that everything that is liable is covered even if you are a small company working out of your own home. Due to the fact that anything can happen any time you do not want to hope your home insurance covers it but rather know that your business insurance will.

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Why Small Business Insurance | The Hartford

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1. What did you learn about your topic that surprised you the most?
I learned just how useful business insurance can be. Work place incidents happen all the time weather it be a lawsuit against you, damaged property or goods, or harm to an employee. It is absolutely curtail to have insurance to make sure that your business does not suffer due to an unseen event.

2. Provide a real-life example of how this topic is relevant or interesting
for you.
The information that I learned here is useful in more then one way. For starters my family has a very small business and yet we have insurance. It is useful to know what kinds of insurance are out there to make sure we have all the types we need. Also if I were to ever want to start my own business I would now know the needed insurance to do so.

3. If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
I think the most important knowledge to pass on when it comes to business insurance is just get it. Incidents happen at any given moment at any given time. It is a lot better to be protected then to no be.