There are many insurance companies which provide various business insurance coverages to help business owners run their companies easily. Most companies buy insurance coverages to protect them from all sorts of risks, causing harm to both employees and employers. Some of the basic business insurance policies are Commercial General Liability policy, Workers Compensation, Auto Liability policy, Business Owner’s policy, Inland Marine, Excess Liability policy and so on.
There are certain policies which sometimes overlap with other policies or may get included in a package policy such as Umbrella or Business Owner’s policy. In order to give you some idea about business insurance, let us discuss about a few policies and coverages.
Business Owner’s Policy
This is a common package policy purchased by most companies which includes property and casualty, vehicle and liability insurance under one single policy. Before purchasing one such policy, a company has to make sure about their insurance needs and preferences. Even if you buy a Business Owner’s policy, you can purchase other policies such as Uninsured Motorist’s coverage, medical payments coverage and so on.
Workers’ Compensation
This is a kind of “no-fault” insurance coverage which protects a company from lawsuits filed against it by employees. This type of policy also covers an employer and help in paying any compensation amount in case of injuries caused while working in the office premises or factory. While choosing a company which provides such a policy, you have to make sure you get excellent coverages for your company staffs, good rates and other additional services.
Commercial Liability Policy
There are many companies which offer professional services in sectors like medicine, architecture or accounting. Any malpractice or negligence can lead to lawsuits. For example, if someone falls ill by using a medicine, he can file a legal case against the manufacturer. Similarly, if any miscalculation by an audit firm lead a company to bankruptcy or if someone gets insured falling from a building, the victims can file lawsuits against the concerned companies respectively. A business insurance company thus provides Commercial Liability policy to most companies and protect them from such risks. The companies need not have to worry about any payments or costs involved in legal battle or compensation. The insurance company will take care of all issues.
When purchasing policies in business insurance , Ann Arbor professionals should contact companies which offer good coverages and at moderate rates. They can browse the Internet, visit a few websites of some leading insurance companies in their region, compare the rates and variety of services before choosing one. Make sure to check your chosen company provides the best coverages at a low price and has a team of qualified and certified underwriters before you purchase a policy.
Business Insurance Ann Arbor – Looking for policies in business insurance ? Ann Arbor residents should rely on America One Michigan Insurance Group, blindfolded.
