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What Is the Purpose of Insurance?
As a business owner, your company faces different risks every day. The purpose of insurance is to help protect your business from these risks. Seguro para negocios helps protect your business’ financial assets, intellectual and physical property from:
- Demandas
- Daños a la propiedad
- Robo
- Vandalismo
- Pérdida de ingresos
- Employee injuries and illnesses
You can get different types of business insurance to help protect your business, including:
- Commercial liability
- Commercial property
- Commercial auto
- Workers’ compensation
Types of Business Insurance Policies
If you’re wondering, “What does business insurance cover?” We’re here to help. However, there isn’t one simple answer because there are different types of business and all of them help protect your company from various risks.
To determine what insurance you need for your business, earn what coverages suit you best. You can determine this based on your business’:
- Industria
- Tamaño
- Lugar
- Number of employees
At a minimum, you may want to have liability and property coverages. And if you have employees, you’ll likely need workers’ compensation insurance. You should review your business’ insurance needs regularly, because as it grows, your required coverages can change.
Liability Policies
Liability coverage can help protect your business against claims for:
- Lesiones corporales
- Daños a la propiedad
- Advertising injury
- Errors or omissions
Without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts. Common liability policies include:
- General liability seguros
- Responsabilidad profesional seguros
- Commercial umbrella seguros
- Directors and officers insurance
Employee Insurance Policies
If your business has employees, your state likely requires you to carry workers’ compensation insurance. This insurance gives your employees benefits to help them recover from a work-related injury or illness. It can also give your employee’s family a benefit if they lose their life in a workplace accident. Different factors can affect your workers’ compensation cost, such as:
- Job risk
- Claims history
- Payroll size
Property Policies
According to the Federal Emergency Management Agency, about 40% to 60% of small businesses never reopen after a natural disaster.1 Without property insurance, it can be difficult for your business to recover from severe property damage. You’ll be responsible for replacing the damaged property, which can be expensive.
Commercial property insurance helps pay to repair or replace property damaged from:
- Fires
- Storms
- Robo
- Other covered events
This coverage can help pay for damage to your business’ physical location, tools, assets and documents. It can also help cover your business’ lost income if it’s unable to open while repairs are made.
Be aware most commercial property insurance policies don’t protect against flood damage. You’ll have to get a separate commercial flood insurance policy for your business’ property to help cover this type of claim. Get additional commercial property insurance tips.
Manejo de riesgos
Some insurance companies can help your small business with risk management. For example, our risk engineering team has technical specialists who help businesses operate safely and efficiently. They provide services to help identify the causes of accidents and other losses at your business.
Additional Business Insurance Questions
Can I Combine Different Business Insurance Coverages Under One Policy?
Yes, it’s possible to combine different business insurance coverages from the same carrier under the same policy. One popular option is a Póliza para propietarios de empresas (BOP). This combines general liability insurance, commercial property insurance and business interruption insurance into one policy. Combining these three coverages into one policy makes your insurance easier to manage which is why a BOP is a smart choice for small business owners.
Which Insurance Coverages Are Required and Recommended for Businesses With Employees?
Most states require businesses with employees to provide unemployment and workers’ compensation insurance. In some states, these businesses may also need to provide disability insurance.
You may also want to get an employment practices liability insurance policy. This helps protect your business if a current or former employee makes a claim about their employment. For example, if you’re sued for wrongful termination or discrimination, this coverage can help cover your legal costs.
If you or your employees drive for work, it might be a good idea to get el seguro comercial para automóviles. This includes more coverage than your personal car insurance and helps cover your business’ costs if you get into an accident.
What Is Business Insurance For?
Business insurance can help you manage your company’s risks. It gives you financial protection from losses that can occur during normal business operations. When you buy insurance coverage, the insurance company helps cover the costs of covered losses up to the limits of your policy. Without coverage, you might have to pay for the costs out of pocket. Discover more about why you need business insurance.
Small Business Insurance Definition
Small business insurance helps protect a small business’ property and income, and safeguards it against liability claims.
Getting a business insurance policy helps protect the company you’ve worked hard to build. You’ll want to work with an insurance provider that understands your business’ needs. At The Hartford, we’re backed by more than 200 years of experience and specialize in small businesses. Obtenga una business insurance quote today and find out how we can help protect your business.
Última actualización: 13 de julio de 2022
1 Federal Emergency Management Agency, “Make Your Business Resilient”