Business Insurance
Types of Business Insurance
Business insurance can be purchased for almost all types of business and to cover almost any risk that your business may face. The wide array of options can, in fact, make the act of choosing the right business insurance an overwhelming task. Following is a brief discussion on some of the most basic types of business insurance to help you make your choice.
Property Insurance – This business insurance generally covers losses or damages to the business location and contents. Some property insurance policies also cover the properties of other people, which happen to be under your control when the damage or loss occurred. There are also property insurance policies that insure only for a specific risk, such as fire or flooding.
Casualty Insurance – While property insurance covers damages and loss to the location of your business, casualty insurance covers loss and damages to the business itself. Some business insurance companies offer policies that lump these two types of insurance together, and that might be the best type of insurance for you to get for your business.
Liability Insurance – This type of business insurance protects your business in case your company is faced with a negligence lawsuit. It might be a good idea to purchase this type of insurance if the business you are running involves a high risk of customer complaints.
Workers’ Compensation – This business insurance protects employees in case of on-the-job injury. Regulations regarding workers’ compensation are different in every state, but it is safe to say that most states already have a workers’ compensation system in place. With this type of business insurance scheme, the business owner is required to insure all employees, and the employees are prohibited from suing their employer for damages in case of on-the-job injury.
Scripted Policy – This is the type of business insurance that works best for businesses that require a unique mixture of coverage for several different risks. For example, actors and athletes have been known to have their legs, face, or other parts of their body insured at some point. They find this type of insurance necessary since their body is their primary business asset. Such insurance policies are the best examples of a scripted business insurance policy.
Marine Insurance
Basic Information on Marine Insurance
Marine insurance, as the term itself implies, covers ships and boats along with their cargo. In some cases, this type of insurance also covers the location at which the insured ship is docked. Marine insurance has quite a colourful history, which informally began in England back in the 17th century. In fact, the laws and regulations governing today’s marine insurance policies worldwide are largely dictated by the Marine Insurance Act that was originally passed under British law. This act has, of course, already been deemed obsolete and was replaced by the modern regulations that are currently in place.
There are several different types of marine insurance. Marine cargo insurance covers only the goods that are carried on board a specified boat or ship. Inland marine insurance covers boats or other vessels that travel solely on rivers, lakes, and other inland bodies of water. General marine insurance policies usually cover the vessel itself along with its cargo, passengers, as well as liability for damages to another moving vessel or liability for damages incurred in a collision with an unmoving object.
If you own a vessel, which you usually use for recreation purposes such as cruising in a marina or sailing on a lake, you might want to consider taking out an inland marine insurance policy. If you own a yacht, purchasing special yacht insurance may also be a good idea. If you own a merchant ship that usually goes into politically unstable waters, then you might want to purchase cargo insurance along with specific war coverage.
Marine insurance can be bought either from a general insurance company or from a company that deals exclusively with this type of insurance. If you currently hold an insurance policy, you might want to check if your insurer offers special discounts for those who purchase more than one type of insurance from the
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