Insurance Coverage Features
The policies and coverage are important in ensuring that the business is covered against the risks that may affect the financial performance. The policies and coverage include:
General Liability Insurance
The policy offers security to employees, products and business services against risks and injuries. The policy will also ensure that risks to employees and products are covered to minimize loss.
The policy and coverage offer protection for office equipment, computers, inventory in case of business experiences fire, vandalism, theft and damage caused by smoke. The policy also offers protection against business gains if business operations are disrupted. Check out http://finance.wikia.com/wiki/Insurance to know more about insurance.
Business owner's policy
The policy and coverage cover the risks of the owner. The policy and coverage also include property insurance, vehicle coverage, liability insurance, business interruption insurance, and crime insurance.
The insurance mitigates the business risks for the small business by spreading the risks for the company making it. This enables the company to afford the cost of losses and risks the organization because the insurance firm is accountable for paying the risk or loss incurred by the company.
In addition, the insurance allows the small business to transfer loss to the insurance company, thus mitigating the risks in the organization. One of the limitations is that the small business has difficulty remitting its premiums to the insurance company in order to cover the risk. Another is the cost of mitigating the risk is too high, making the small business unable to pay the cost. Check out the no exam life insurance for more details.
This risk may be caused by fire and other unforeseen events which can make the company relocate or close. To mitigate this risk, the company should develop a recovery plan which includes insuring the company against business interruption.
This risk should be mitigated because the company requires its property be protected from unexpected events.
Theft and pilferage
This risk makes the company lose its valuable resources thereby affecting the financial performance of the company.
The risk if not well mitigated will result in the company into high treatment costs which in turn may lead to low productivity in the organization. Know more about the guaranteed issue life insurance.
Costs of policies annually
The annual cost of overall liability is between $ 400 and $ 900. This implies that it is the amount that the insured must pay the insurer so that the company is covered by the risks. The annual cost of the property policy is $ 1,281 is the amount that the small business should pay to insure its property against the risks. Finally, the annual cost of the owner's policy is $ 500. This amount is applicable for small and large companies, and it used to insure the owner against unforeseen events.
The source of the property policy is a disaster that disturbs the operations of the company, which in turn can make the company vacate the premises. The liability policy, on the other hand, comes as a result of the increase in unforeseen risks on the property and the business owner that negatively affect the financial performance of the company.
The source of the policy of the business owner is the increase in illegal problems in the company that makes the company losses incurred. The policy can be obtained by completing the form indicating the items to be covered in the policy. Plan the point of service because the plan requires one to get a referral from the primary care physician to see the specialist. The yearly plan price is $ 1,500.