Types of Business Liability Coverages by License
This article provides a deeper understanding for businesses on liability coverage.
Property & Casualty Insurance License
This is a field that can actually still continue to go further in depth to provide 100’s of different types of insurances.
–General Liability Insurance – Refers to a number of general accidents that could happen.
–Professional Liability Insurance – Could be needed if you are in an industry where you consult or provide advice in which you could say something wrong and get sued for damages.
–Cyber Security Insurance – Can protect you from all sorts of damages that may arise from a hack, for instance, the public not wanting to use it or loss of funds while a system is down such as paying wages.
–Commercial Auto Insurance – If you have just one truck it may be better to be on a personal plan if you have a fleet this would be needed for protection especially if there are other drivers.
–Worker’s Compensation Insurance – Can be required depending on state, look up your state. Helps if potential employees or contractors sue. Also for unemployment claims.
Health Insurance License
Health insurance carriers carry plans that fall under the universal healthcare coverages. Money that can go towards doctor visits or prescriptions, such as copays. These plans have deductibles that need to be met and then anything after that deductible would be covered for the year. That is why it is important to have health insurance.
Life Insurance License
For business owners or even employees it can be important to take out life insurance policies. In addition to life insurance there are policies such as key person’s where if anything would happen to a top performing representative income would be covered.
There can be even more types of insurances for businesses that we did not even cover. Sometimes insurance can get so niche that you can go over it quickly if you do not specify or delve down a lot deeper. If there is anything that you are interested in, Insurance Broker Resources may be able to fulfil your needs or be able to point you in the right direction.