Business insurance: what's what.Adequate insurance protection is vital for businesses f all sizes. No matter how careful you are as a business operator, accidents happen. Here is a list of common business coverage options: * Property--Covers losses sustained as a result of damage or destruction, theft or loss of real or personal property. * Liability--Protects against losses sustained as a result of monetary or legal claims by individuals. Such losses and claims may, for example, result from injury or property damage caused by defective defective adj. not being capable of fulfilling its function, ranging from a deed of land to a piece of equipment. (See: defect, defective title) products, faulty fault·y adj. fault·i·er, fault·i·est 1. Containing a fault or defect; imperfect or defective. 2. Obsolete Deserving of blame; guilty. installations or errors in services provided. * Business interruption--Covers the loss of income resulting from a fire or other disaster that disrupts the operation of your business. Such policies often also cover extra expenses incurred by operating out of a temporary location. Keep in mind that you may save money on your monthly premiums by using a business owner's policy (BOP) which charges one premium for several different types of coverage, including property, liability and business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril . Other helpful policies * Business automobile coverage may be required if you have an automobile used primarily for business. If your employees also drive your vehicle for business purposes, be sure to add their names to your policy. * Disability policies can be invaluable if you cannot work due to illness or injury. Most policies generally cover up to 60 percent of your gross income while you are disabled. * Key person insurance pays a benefit in the event of a key employee's death. The funds can be used to pay the costs of finding a replacement employee. You may, for example, want to have key person policies for a valued sales manager sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → , chief accountant or financial officer. * Workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. pays an employee's medical coverage and provides some income replacement in case of a work-related illness or accident. If your business employs three or more persons, you're you're Contraction of you are. you're you are you're be probably required by state law to provide workers' compensation insurance. Source: American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Financial Advisor Inc. |
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