The Significance of Business Insurance

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An insured business is not subject to Washington State insurance laws like other businesses. This means that if you experience a problem, can take care of it on your own. If you contact the insurer, you can recover a claim if you directly communicate with the insured business, or if you may have to consult an attorney for more advice. You have more protection from the law if the company is insured than if the business is not.

There are certain situations that a policyholder will be required to provide protection for. Liability coverage protects a business owner’s personal property. It does not protect the items in the building but only covers the things inside that are used on a regular basis by employees. Personalty liability insurance is different than property coverage. Personalty protects a business owner’s assets, such as his or her office furniture, office equipment and other items of personal property.

A lawsuit settlement can also be handled by an insurer. Claims involving products or services, negligence, and libel are typically covered by an automobile liability lawsuit. When an automobile is damaged or stolen, the insured business may be liable for the cost of repair. If an auto liability lawsuit is filed against a business, the insurer can hire an attorney to represent the company. Insurance policies can also cover injuries that happen on company premises or at any place where products are sold. Some common claims include slips and falls, exposure to an harmful chemical, being bitten by a pet, and other accidents.

Another type of covered event is physical location liabilities. This type of coverage protects an insured business from losses due to insured events occurring at the insured business’ physical location. Some examples include theft that occurs in a storeroom, a building that gets damaged by fire or flood, or damage that occurs as a result of vandalism. Physical location liabilities are often referred to as business insurance because the insured business will be held responsible for any losses or claims resulting from an occurrence that takes place at its place of business. Examples of these claims include vandalism, theft, and business interruption.

Another type of property insurance is loss of use. This type of property insurance covers businesses that provide transportation services. Examples of this might include transportation companies, taxi services, and limousine services. In the event that a business owner transports a client from one location to another, this type of property insurance might protect the client in the case of a vehicle accident or theft.

An important part of a business insurance policy is a surety bond protects the assets of the business owner. In the event that the insured business owner has no financial means to continue operating the business, the insurance company will obtain funds from the insurance policy. In order to be sure that the surety bond is sufficient, it’s recommended that you work with a qualified insurance agent who can help you understand how the surety bond works, and recommend the appropriate levels that are necessary to cover all possible losses.

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