What is Business Insurance?

Business insurance is any insured premium that is paid monthly for an individual to be taken care of if they are injured or become sick, both physical and mentally. The business insurance is just a package that is set up for new business or other small business owners to purchase. The policy is purchased with each employee having a deductible payment on his or her policy. For example, if John (the business owner) decides to purchase a business health insurance policy, then every month Tammy and Ted (employees) would pay a monthly deductible. Also, if an individual were to go to a hospital and have surgery or some other very expensive form of healthcare sometimes they would be exposed to an individual deductible. All full time employees have the right to purchase health insurance.

Who Benefits from Business Insurance

There is a great advantage to offering your employees insurance. It is required that if there are employees that are working and they are putting in more then 40 hours in a weeks time of work then they must be provided insurance plans. This not always the case, but for some states it is the law that business owners must provide employees with insurance. Business owners actually get deals when they pay for insurance in bulk. It is almost like buying a product at wholesale, the rates that they get may save tons of money then paying for individual policies.

Other Types of Business Insurance

Business insurance doesn’t have to be just health related. There are many different types of coverage that a business may need and it can be provided by the same insurance company in most cases. For instance should a business have a fire occur to the property then the business will need the coverage that protects them against fires that way they are protected and can financially be supported to fix the problems. There are also numerous others, for instance:

• Health
• Liability
• Theft/ Vandalism
• Property Damage
• Financial

Who Offers Business Insurance

Business owners can get the coverage they need in many different ways. Some insurance providers offer full packages of insurance coverage while others only offer one type, allowing you to mix and match. Going through one company can prove to be less of a headache, but getting single components from different companies may also save you money. It is important for businesses to save as much money as then can just because of the overhead costs. When a business is looking for insurance it is important to shop around and see what is offered then make the best decision for the company.

Additional Resources:

• Business Insurance
• Different Types of Commercial Insurance