Wednesday, March 25, 2015

What Are The Different Types Of Business Insurance

As a small business owner there are many risks to keeping your business up and running. Although not all risks can be mitigated, some can be with insurance. Here are some types of business insurance available to protect against those risks.


Business Overhead Expense Insurance


Business overhead expense insurance pays the fixed expenses within a business in the event an owner is disabled and unable to work in the business. This contract typically provides a benefit for a few years so that the business owner can close up the business or recover and get back to work.


Buy-Sell Insurance


Buy-Sell insurance provides funding for buy and sell agreements. Buy and Sell agreements provide for one owner to buy out another in the event of the death or disability of a partner.


Liability Insurance


Liability insurance protects a business's legal interest. Should the business come under a law suit this policy would provide funds to protect the business's interest.


Group Insurance


Businesses typically provide insurance for their employees as a benefit, but the type and amount varies from business to business. A few common ones include: dental, medical, vision, health, short-term disability, long-term disability and long-term care.


Qualified Sick Pay Plan Disability Insurance


A qualified sick pay plan allows the owner of a business to continue to draw a salary while disabled. This plan is typically coupled with the business overhead expense plan mentioned earlier; that plan protects the company, this plan protects the owner's family by providing income.