I have been approached with this question so many times I am losing count. Running a business is a time consuming job, and many entrepreneurs don’t have the time to learn about business insurance, and what kinds they need to carry. Grantee: In contractual language, insurance is a grantee to protect from the probable future losses.
Some additional coverage aspects include, defense costs (lawyer fees), Employment Practices Liability (regarding employment practices), misrepresentation and misinterpretation, premise and operational liability, product liability, etc. Worker’s compensation is similar to liability insurance, nonetheless it covers your employees versus injuries sustained on the work.
It should not be confused with property insurance, as it covers repair, reconstruction, even replacement costs much beyond what is covered in the latter. Agricultural producers purchase this insurance to protect themselves against a loss or damage to their crops on account of natural disasters or revenue losses.
Covers include compensatory damages, general damages and punitive damages. Death that results from illness, suicide, or natural reasons is not covered under this type of insurance. The next thing on your agenda should be to decide the type of insurance to deal in. You can deal in life and health insurance, auto insurance, property insurance, liability insurance etc.
They can offer their clients insurance to cover retail businesses, hospitality, professional offices, restaurant, auto and property and light industry. Insurance policies are the contract agreements done between the insurance companies and the insured subject.