Types of business insurance for a small business by Floyd Arthur PPT http://carmoongroup.com

1. Types of Business Insurance for
a Small Business
By Floyd Arthur

2. If you are just starting a small
business, you probably know
that you need business

3. insurance to protect yourself
from financial risk. But with
so many different business

4. insurance products available,
you may be having some
difficulty deciding what type
of

5. business insurance is
essential and which you can
forgo, at least for a while.

6. Types of business insurance
for small business

7. To make the decision a little
easier, here’s a helpful guide
to the most common types of

8. business insurance for small
businesses and the
protections they offer.

9. Commercial General Liability
Insurance

10. Also called CGL insurance,
this type of business
insurance policy protects you
in the

11. event another party is injured
as a result of your or an
employee’s negligence.
Typically,

12. CGL policies cover:

13. * Bodily injury

14. * Accidental property
damage

15. * Medical expenses

16. * Libel and slander

17. * Costs associated with
defending lawsuits

18. * Settlement costs and
judgements

19. Commercial Property
Insurance

20. Commercial property
insurance is business
insurance that covers
property damage due

21. to a variety of “covered
events.” These usually
include damage due to fire
and smoke,

22. water and wind, vandalism
and the like.

23. Business insurance policies
differ in how they define
“property,” but most cover
damage to:

24. * Physical premises,

25. * Business equipment and
furnishings

26. * Inventory

27. * Company papers

28. * Cash

29. Digital assets are usually not
covered, so it’s a good idea to
store a backup of all digital

30. property either off site or
online. Keep a copy of
passwords, account numbers,
and other

31. important records off site as
well.

32. Business Interruption
Insurance

33. Business interruption
insurance helps keep your
company going in the event
your

34. operations are temporarily
interrupted by a covered
event. If, for example, your
office is

35. rendered unusable due to a
fire or weather event, the
policy will pay for you to set
up

36. shop somewhere else for a
specified period of time.

37. Business interruption policies
typically cover:

38. * Relocation costs

39. * Lost income

40. * Payroll expenses for
employees who continue to
work

41. * Operational expenses that
continue even though
operations are temporarily
suspended

42. (for example, utility bills.)

43. Business interruption
insurance generally mirrors
your property and casualty
policy.

44. Thus, if your commercial
property insurance does not
provide coverage for damage
due

45. to floods, your business
interruption insurance will
exclude this coverage as well.

46. Product Liability
Insurance

47. Product liability insurance
protects you in the event a
product you manufacture or
sell is

48. defective and causes harm.
Examples of product liability
claims include:

49. occur when the design of the
product renders it dangerous or
useless.

50. * Manufacturing defects --
These are unintended defects
that occur when a product
varies

51. from the intended design and
dangerous as a result

52. * Failure to warn -- This
occurs when a product is
inherently dangerous but is
not properly

53. marked with warning labels
or instructions for care.

54. In most states, any party
involved in the supply chain
for a defective product,
including

55. the manufacturer, distributor,
wholesaler and retail
supplier, may be held legally
liable

56. for damages under a product
liability claim.

57. Professional Liability
Insurance

58. Professional liability
insurance, protects
professional service
providers against claims of

59. negligence, bad faith,
misrepresentation, unethical
business practices and giving

60. unsound advice. Also called
errors and omissions
coverage, it is important
coverage for

61. businesses such as:

62. * Realtors

63. * Attorneys

64. * Insurance
professionals

65. * Financial consultants

66. * Estate planners

67. * Physicians (medical
malpractice insurance)

68. To ensure that your small
business has the optimal
business insurance coverage,
consult

69. an insurance professional at
Carmoon Ltd. today. We are
available Monday through

70. Friday from 9 a.m. to 6 p.m.
at 516-292-3780, so call us to
set up an appointment to

71. discuss your business
insurance needs today. Or if
you prefer, request a free

72. consultation online and we
will get back to you right
away.

73. Visit
www.Carmoongroup.com
Now!