Staring out a business will involve a tremendous amount of paperwork and a tiring process to go along with it. One of the most crucial steps in starting a business is signing up for business insurance; regardless if you’re searching for a business insurance Toronto, Alberta, Manitoba or any province in any country, you will find a practical business insurance that fits your budget and requirements. We’re sure that you’ll come across a lot of varying business insurances, so be sure to look into the policy category that you actually need.
General Categories of Business Insurance
Business insurance is basically divided into four major categories:
- Business Automobile Insurance – as the name states, this insurance offers protection against loss and damages resulting from vehicles; specifically, the vehicles exclusively used for business purposes. Likened to personal auto insurance, the coverage typically compensates for damages to the vehicles; the damages may be the result of fire theft, collisions during accidents and more.
- Business Property Insurance – reimburses the insured party that suffered considerable financial losses because their business property has been either damaged or destroyed. Examples of these properties are buildings and land.
- Business Umbrella Insurance – basically, this insurance policy is an extension of coverage for all the losses above the stated limit of an existing policy or policies. Do keep in mind that umbrella policies don’t usually extend coverage for the kind of losses not covered in other policies.
- Business Liability Insurance – a kind of insurance that offered protection and coverage for payment towards bodily injury or damages to property then the insurance has been deemed legally responsible for the unfortunate circumstance.
Aside from these four there are other business insurance types including group life insurance, workers compensation insurance, group disability insurance, group health insurance and business interruption insurance.