Whether you own your business place or lease it, this coverage protects against the property loss and for tenants' improvements and betterments. The coverage includes fixtures, alterations, installations, or additions that you have put into the space that cannot legally be removed from the landlord's premises.
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This policy can also accommodate seasonally fluctuating inventory value with an automatic increase of a certain percentage in your policy limit for business personal property, which includes inventory. If the inventory is precious e.g. jewelry, then it is also a target of theft. As a result you may need to add Burglary and Robbery Coverage to your policy. Employee dishonesty is another risk for which you can add protection. The business insurance policy generally covers your risk of accepting bogus money orders and counterfeit money, although you may want to add higher limits. Depending on the nature of your business, other coverages that may be appropriate to add include:
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You also need to consider insuring your merchandise while it is in transit. The coverage provided by the transportation company may not be sufficient.
This coverage protects you from any liability coming from your customers e.g. someone getting hurt at your business premise. It also covers any liability arising out of the product or service that you sell to your customers. For internet based businesses, there may be additional set of coverage that you may need.
If you use an automobile primarily for business purpose then it requires a different type of coverage (Commercial) than personal auto policy. If you use personal vehicles for business, you want to be sure you have high enough limits to protect your business.
Labor laws require a business owner to provide a safe working environment for the employees. Workers compensation insurance serves two purposes: For injured workers it provides medical care and compensation for a portion of the income they lose while they are unable to return to work. Usually it also protects business owners from lawsuits by workers injured while working.
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Workers comp is regulated by States. A state defines how claims are to be handled, how disputes are resolved and they may devise strategies, such as limits on chiropractic care, to control costs etc. Here is a list of factors that states define.
