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Insurance for Businesses

Insurance for Businesses. Miss Kitchens. Types of Insurance. Business Vehicle Business Property Business Liability Workers’ Compensation and Unemployment Errors and Omissions Business Interruption Crime Business Owner’s Policy. Business Vehicle.

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Insurance for Businesses

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  1. Insurance for Businesses Miss Kitchens

  2. Types of Insurance • Business Vehicle • Business Property • Business Liability • Workers’ Compensation and Unemployment • Errors and Omissions • Business Interruption • Crime • Business Owner’s Policy

  3. Business Vehicle • Protect vehicles that carry employees, products, or equipment • Ensure work cars, SUVs, vans, and trucks from damage and collisions • Rental car businesses • Trucking businesses

  4. Business Property • Standard includes coverage for business building or equipment used during operations • Example: If fire damages office building, this type of insurance will cover the damage

  5. Business Liability • Covers losses experienced by people who support the business • Example: If customer is hurt while on the business site, liability insurance may cover.

  6. Worker’ Compensation and Unemployment • Many states require both • Pays the work in case of an on-the-job accident • Common for jobs that require manual labor or physical activity • State commonly manages unemployment policy while employers pay employment tax to cover cost

  7. Error and Omissions • Also called professional liability insurance • Covers losses caused by business professionals who make mistakes when doing their job • General liability policy does not provide same protection • Lawyers, accountants, real estate agents, doctors, and architects are usually types of professional who purchase this type

  8. Business Interruption • Replaces business income lost as a result of an event that interrupts the business operations • Example: Fire, natural disaster, snow storm • Cannot buy separately • Can add to property policy or to a bundled package policy

  9. Crime • Protects business from fraud, theft, and forgery • Can also cover crime due to employee dishonesty • Business property coverage may not cover your cash and checks in a building if destroyed • This policy usually would protect a company’s cash and checks

  10. Business Owner’s Policy (BOP) • Packages all required coverage a business owner would need • Often includes business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance • Can alter what is included based on company’s specific needs • Policy that usually saves business owner money

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