Tips & Advice
What is errors and omissions insurance?
Errors and omission insurance covers business-related mistakes that lead to injury of a third party, such as neglecting to file important papers.
What are the different types of business insurance?
While property, liability and workers’ compensation are the most common types of business insurance, other types include property, business interruption, and errors and omissions.
What is not covered by business insurance?
Business insurance does not cover professional liability (due to poorly performed work), the purchase of replacement equipment, vehicle accidents not related to work, or business lost due to damaged equipment.
What factors impact the cost of business insurance premiums?
Factors impacting the cost of business insurance premiums include the type of business, the risk involved, the size and number of employees, your experience in the industry, and location.
Is business insurance the same as professional insurance?
No. Business insurance covers general legal issues such as injuries that occur on your property and property damage. Professional insurance covers lawsuits focused on service such as charges of negligence, contractual disputes, etc.
How much does business insurance cost?
The amount of coverage you require may depend on your industry, location, and the risk involved. On average, the general annual cost of business insurance for a company with 10 or fewer employees is $741.
Can I deduct business insurance from my taxes?
You can deduct business insurance from your taxes as long as the insurance covers the business and its operations, and not personal insurance or personal loss-of-income.
How do I make a business or commercial insurance claim?
In the event of an incident that results in financial loss, contact your insurance company immediately and give details of the incident, including when it occurred, where, witness names and contact information, and other important information.
What is business insurance?
Business insurance covers a company for financial losses related to related events, including injuries that occur on your property or are caused by you or your employees, such as property damage.
What is business liability insurance?
Business liability insurance covers a company for financial obligations related to injuries that occur on your property or injuries or damages that are caused by you or your employees. It also covers legal fees and any settlement that result from a court case.