Different Types of Business Insurance Policies You Can Choose
When it comes to choosing office insurance, it is not about selecting the first or the cheapest policy that you come across. Different businesses have different needs so your choice of a cover will depend on what is pertinent for the growth and expansion of your organization. Here are some of the business insurance policies that you could consider.
Business property insurance
As the name suggests, this policy will cover any buildings that are owned by your organization. The insurance will cover any accidental damage that your buildings acquire. It will also cover any theft that may occur on the premises. Depending on the provider, some business property policies may also include the following:
- Employee theft in the event that one of your workers steals from your business.
- Cover for your money in the event that you lose it while in transit or if a safe on the premises is burgled.
- Breakage to any property on the premises.
You could also find that, depending on your cover's limit, your office is insured from any additional costs that may pertain to rebuilding the property, breakdown of machinery and more. You could also enquire from your insurance provider if your policy can cover your book debts in the event that any records you have for debt collection become damaged due to circumstances that are covered by your claim. However, it should be noted that this type of insurance might not be suitable to business owners who are renting the property as well as equipment that they use for the running of their organization.
Business interruption insurance
As the name suggests, this policy will cover you in the event of any reduction of your bottom line due to circumstances that caused you to be out of business for a period of time. Additionally, some providers may include coverage to any damage that may occur to your property that is located offsite thus inhibiting your ability to make money. You could also enquire about whether your business interruption policy will cover you in the event that you are denied access into your business premises hence leading to the loss of profit.
General property insurance
This type of policy will cover any business related items that are not located at your business premises. In the event that these items become damaged, lost or stolen, the general property insurance will compensate you once you make your claim. This type of cover is suited to organizations that conduct a significant amount of national and international business.