Insurance for Businesses
In the world of business, your company is always vulnerable to several threats that can destroy it. Therefore, it is important to protect it. One of the steps that you can do is getting insurance. There are several kinds of insurance that you can use for different kinds of accidents and threats. However, we will only discuss three types of insurance in this article.
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser or the ‘insured’ from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he/she is sued for claims that come within the coverage of the insurance policy. In the early years, individuals or companies that faced a common threat formed a group and created a self-help fund which pays compensation if any member incurs a loss. In other words, it is a mutual insurance arrangement. Nowadays, there are companies that offer protection against lawsuits in consideration of a premium.
In general, damage caused intentionally and contractual liabilities are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty and right to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise. This default rule is useful because defense costs tend to be more expensive when cases go to trial.
Car insurance is also known as a vehicle or motor insurance. This type of insurance is purchased by owners of cars, trucks, motorcycles, and other road vehicles. Its main purpose is to provide financial protection in case you got in a car accident, which consist of physical damage and/or bodily injury from traffic collisions and against liability that could arise therefrom. In the U.S., the 50 states and other territories have different regulations for car insurance with each state having its own mandatory minimum coverage requirements. In all state, car owners must have an insurance coverage for both bodily injury and property damage but the minimum amount coverage required by the law varies by state.
The coverage of the insurance depends on the policy that a car owner will purchase. It can cover some or all of the items below:
- Medical payments for the insured party
- Property damage caused by the insured
- Physical damages sustained by the insured vehicle.
- The third-party involved in the accident like car and people, property damage, and bodily injury.
- Coverage for the third-party involving fire and theft.
- No Fault Auto Insurance is coverage for injuries to people riding in the insured car without regard who is at fault in the car accident.
- The cost of renting a car if yours is damaged and can’t be used at the moment.
- The cost of towing your car to a repair facility.
- Accidents involving uninsured drivers and passengers.
Due to increasing threats with the internet and its services, cyber insurance now has become available to everyone. It is used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. The term ‘cyber liability insurance cover’ is often used to describe a range of covers – the same way that the word ‘cyber’ is used to describe a broad range of information security related tools, processes, and services.
At the moment, cyber liability insurance cover can include:
- Data breach/privacy crisis management cover. It can be expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance, and regulatory fines.
- Multimedia/media liability cover. Third-party damages covered can include specific defacement of website and intellectual property rights infringement.
- Extortion liability cover. Typically, losses due to the threat of extortion, professional fees related to dealing with the extortion.
- Network security liability. Third-party damages as a result of the denial of access, costs related to data on third-party suppliers, and costs related to the theft of data on third-party systems.
These types of insurances are some of the few that you can avail. There are tons of insurance for businesses that you can purchase from insurance providers but you don’t necessarily need all of them. You just have to evaluate what kinds of threats your company is vulnerable from and you will know which insurance policies you need. If you are having a hard time figuring it out, you can ask for assistance from insurance agents.
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