FAQ

What kinds of insurance does my new business need?To figure out what insurance is right for you, you must start with the risk assessment process. Insurance brokers will provide you with different options when it comes to business property and casualty coverage. Your broker will make sure that your coverage is tailored specifically for you and your needs.

What is business insurance?Business insurance encompasses an array of different coverage. It will help to cover you from the risks of owning your own business. In addition, it will cover you for unemployment, workers compensation, social security, and disability insurance for your employees.

How does insurance relate to business risks?Companies only pay a little amount of money to cover their business with insurance. Not all businesses will need their insurance to cover them against things like lawsuits. Insurance companies in turn then take the money they receive from various businesses and use it to defend or pay out businesses when they are in need. When businesses purchase property and casualty insurance they are reducing their risk, and they will essentially be covered by the premiums that the other companies are paying.

Do I need liability insurance?Basic insurance coverage is a good idea for any business. On the other hand if you are in a business with more risk, such as the many professions in the medical industry, you may feel the need for extra protection and that is where liability insurance comes in.

What about workers compensation?If you own a business and you hire employees, then you will need workers compensation. Also, most states require businesses to purchase such insurance to cover their employees as well as themselves.

How would a life insurance or disability policy be used in business?One of the most crucial reasons for life insurance and disability policy in business deals with the actual business owners. If anything were to happen to one or more owners, such as death or illness, the correct legal documents should be put into place to pass down ownership to the appropriate parties to insure that the success of the business is not interrupted.

What is the difference between short term and long term disability insurance?Short Term Disability Insurance offers insurance when a person becomes injured or ill and cannot work. It guarantees the insured income payments on a monthly basis. Payments are temporary, if necessary person can receive long-term disability insurance if the injury or illness persists. Long term Disability Insurance offers insurance when a person becomes injured or ill and cannot work. It guarantees the insured income payments on a monthly basis. The payments continue as long as the person is disabled. Payments are usually stopped after the age of 65.

What is Medical Malpractice Insurance?Professional liability insurance for the medical field, or medical malpractice insurance, insures doctors and other professionals in the medical field for liability claims that can occur based on the treatment the medical professional gives to their patients. Recently, the number of malpractice lawsuits against the medical field and those employed in this field, have been increasing at an alarming rate. Health care professionals should take the correct safety measures in order to protect themselves and lower the risk of harmful lawsuits.

When does an employer provide worker’s compensation insurance?Worker's Compensation Insurance is offered by the employer to their employe in the event of an injury, disability, or in the case of a death, it pays benefits to the employees family.

Who is covered under small business health insurance?Small business health insurance offers health insurance for business owners, their employees and their spouses and dependents.


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