Since businesses are open to the public, they have insurance needs that exceed those of homeowners and other individuals. These needs tend to fall into a few general categories, so it’s a good idea to focus on such categories as the first step to choosing plans for business insurance in Milwaukee, WI. Here are some of the basic types of plans offered by The Insurance Office and similar agencies:
Injury Liability
It’s every businessperson’s nightmare: Someone is injured either on the company’s property or as a result of something the company did, and comes back to sue the company for millions of dollars. Injury liability insurance for businesses can help mitigate this risk by providing coverage that is far above that found in other plans. The insurance company may also send lawyers to help defend the company against such claims.
Property Damage Liability
Maid services, movers, appliance repair companies, and other firms that come into contact with their customers’ belongings need to be sure they have plenty of property liability coverage. If a housekeeper sends an expensive knick-knack crashing to the floor, a mover puts a gouge into a piece of fine furniture, or an appliance repairman accidentally gouges the linoleum when he pulls a machine out for a closer look, the bills are going to go straight to the company that employed them. Property damage insurance covers these expenses, which will almost surely come up at some point with any type of on-site service company.
Workers’ Compensation
By law, every business that hires employees must have this type of coverage. Even so, it’s not as cut-and-dried as it may seem. Like auto insurance, the company’s record of prior claims, safety record, and other such factors all play a part in premium levels. It’s also possible to get various levels of coverage. Therefore, it’s a good idea to talk to an experienced insurance agent before choosing a particular workers’ compensation policy.
Theft and Damage Coverage
Computers, specialized machinery, and other equipment have high resale values that can attract the criminal element. These things would also cost a large amount of money to replace if they were damaged by storms, fire, or other disasters. Therefore, a business should be sure to have enough coverage to pay for the actual replacement value of everything on its premises. Visit website for more information.
