In the world of business there are many costs that must be factored into running the business. While some costs can be eliminated, one that must be taken under serious consideration is business insurance. Business insurance is not simply something to be taken casually; rather, it must be taken very seriously. There are basically two areas of business insurance that must be looked at, and those are property insurance and liability insurance.
Business Property Insurance
Business property can include the building and all the premises surrounding it including outbuildings as well as fixtures or fittings. The coverage should pay for the unlikely event that the building may need to be rebuilt if it is damaged. Property contents are also usually included under the umbrella of property insurance. This would include things like furniture, tools, machinery, computers and other electronic equipment, raw materials, inventory, and other items used to operate the business.
Business Liability Insurance
This insurance protects the business against the possibility of the property itself harming a member of the public, such as if a shutter from the building falls on a person and causes injury. In addition, other claims by the public may be covered. Employers liability insurance protects the business from injury to employees suffered in accidents on the job while product liability insurance protects the business from claims by the public of defective products that may cause harm.
Most businesses will want to get a combination of property and liability insurance and these coverage types often come together in business insurance packages designed for particular businesses.