As part of the terms of a mortgage loan, most lenders require borrowers to carry property insurance. This covers errors you may make and personal injury or property damage to others. Those are the 3 primary varieties of car insurance policies, but it is imperative that you take special care if you utilize your vehicle for business purposes. They also offer many other types of coverage including an umbrella coverage that can protect you in lawsuits and other cases.
In case of compensatory damage claim, financial losses of the third party due to an injury will be covered. There usually is no coverage for foundations and underground infrastructure for property policies. Typically a small business requires increased coverage limits of auto insurance compared to your own personal auto policy.
Beyond the traditional types of insurance are a variety of specialty policies offering coverage you may or may not need, such as flood, earthquake, and terrorism insurance. Covers include compensatory damages, general damages and punitive damages. Another important type of insurance is worker’s compensation, which covers any injuries your employees incur while working for you.
If you have just left your current job to start your own business, you may be eligible for COBRA, which will provide temporary interim coverage. If you have liability go over, your insurance policy will cover the claim as much as the insured sum. Business property insurance quotes are available for all business premises, business premises contents and stock.
Your chosen specialist insurance company will be able to advise you and make sure you choose the most suitable cover for your line of business and get the best deal possible. Most homeowner policies provide only nominal coverage for business equipment and activities, so check with your agent to determine if you need a separate business policy or if you can add an endorsement to your homeowners policy.