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Do You Have A Business? Make Sure You Are Covered When You Need It

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You know that you have your car and house insurance all paid up. You also have health insurance, so what could go wrong? Well, a lot can happen if you do not have casualty insurance that can cover all those other things that your insurance agent didn't remember to tell you about. Known by lots of other names, this type of policy can be a lifesaver in many ways. If you have a business, you need to know the types of casualty insurances that are available and how they can be good to have.

Types Of Casualty Insurance

Four of the most common types of casualty insurance that a business person should consider buying are:

  1. Liability Insurance: This type of coverage will offer protection for a number of risks. There are three types of liability coverage with this type, namely general liability, product defect liability and professional liability. General liability offers protection against various possible occurrences such as someone getting hurt on your property, or against libel and slander lawsuits. Product liability provides coverage if a product malfunctions and injuries a user, or the items need to be recalled. Professional liability provides coverage for on the job mistakes. This latter type is ideal for businesses such as insurance, taxation and massage therapy.
  2. Vehicle Insurance: If you depend on your motor vehicle in your business, then you definitely need this type of policy. Get a policy that covers personal injury, collision, uninsured motorists and property damage.  
  3. Flood Insurance:  After Hurricane Katrina in 2005 and Hurricane Sandy in 2012 many business people suffered as they were not adequately covered with their regular property insurance.
  4. Equipment Breakdown Insurance:  In the past, this type of coverage was only available for large businesses, but this has changed with the number of small businesses in existence. One of the worst things that can happen is for a power surge to damage your server or computers. Ask about this particular coverage when you purchase other types of insurance as some business owners mistakenly believe they are covered for all type of equipment damage when they are not.

Knowing that you have the right insurance coverage for just about any eventuality that your business may face is important. Not only does this provide peace of mind, but it allows you to operate without worry. Talk to an insurance agent who specializes in business insurance, like those at Donaghy Kempton Insurors, before buying coverage. Having the right insurance and the proper coverage can make the difference between success and failure.