Sign Up

Sign Up to our social questions and Answers Engine to ask questions, answer people's questions, and connect with other people.

Have an account? Sign In
Continue with Facebook
Continue with Google
or use

Have an account? Sign In Now

Sign In

Continue with Facebook
Continue with Google
or use

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

Sorry, you do not have a permission to ask a question, You must login to ask question.

Continue with Facebook
Continue with Google
or use

Forgot Password?

Need An Account, Sign Up Here

Please briefly explain why you feel this question should be reported.

Please briefly explain why you feel this answer should be reported.

Please briefly explain why you feel this user should be reported.

Sign InSign Up

Ansfind

Ansfind Logo Ansfind Logo Ansfind Logo Ansfind Logo
Add question

Ansfind Navigation

  • About Us
  • Groups
    • Add group
Search
Add Question

Mobile menu

Close
Ask a Question
  • Home
  • Communities
  • Questions
    • New Questions
    • Trending Questions
    • Hot Questions
  • Polls
  • Tags
  • Points
  • Users
  • FAQs
  • Help
  • Contact Us
Home/Questions/Q 11852
In Process
Anonymous
Anonymous.
Asked: October 22, 20212021-10-22T12:12:12+05:30 2021-10-22T12:12:12+05:30In: Finance

Would you rather buy business insurance or go without it?

Would you rather buy business insurance or go without it?
insurance
  • 0
  • 11
  • 14
  • 0
  • Share
    • Share on Facebook
    • Share on Twitter
    • Share on LinkedIn
    • Share on WhatsApp
Answer
  • Report

1 Answer

  • Voted
  • Oldest
  • Recent
  1. CFB
    2021-10-22T12:12:34+05:30Added an answer on October 22, 2021 at 12:12 pm

    Answer: Buying business insurance can prevent a huge financial loss to a business if one of its assets, such as inventory, is damaged or destroyed. You can limit your risk by buying general liability and property-loss coverage to protect yourself from costs incurred from the ownership and use of your vehicles, equipment, and other tangible property. But if you don’t want to pay for any coverage at all, it’s easiest just not to buy any assets in the first place!

    Property insurance covers direct or indirect loss to the business’ tangible property. This includes equipment, furnishings, inventory, tools, and other valuable items that are important to your daily operations. When you buy a new computer for the office, it’s an addition to the company’s assets. That same computer is covered if it is stolen or damaged in a fire because you have chosen the correct types of coverage.

    There are two basic categories of property-loss insurance:

    The first thing to consider when buying business insurance is whether your policy needs to include both general liability and property-loss coverages or just one of them. These two types of policies protect different areas of your business from various forms of risk from outside sources including lawsuits resulting from bodily injury, property damage, and personal injury.

    Insurance companies have a standard “business auto policy” that automatically includes both types of coverages, but it is possible to obtain only one type of coverage in a separate business insurance policy. The factors you need to consider when making this decision are:

    • How much do your assets cost?
    • What happens if they’re damaged or destroyed by fire, vandalism, or accident?
    • Will the costs from these incidents place a substantial dent in your firm’s income, perhaps even forcing a shutdown?
    • Do you need an attorney because someone sued your business for bodily injury or property damage?

    As general liability and property-loss coverages provide different levels of protection, the insurance company will calculate a premium for each type based on how likely it is that you’ll file a claim against the policy. If your firm usually files small claims related to property damage and you can absorb these expenses out of your operating budget, your rates may be less if only property-loss coverage is purchased. On the other hand, if business owners or employees are frequently involved in accidents or you have valuable assets that might require extensive repairs or replacement, then general liability coverage would probably be best.

    • 3
    • Reply
    • Share
      Share
      • Share on Facebook
      • Share on Twitter
      • Share on LinkedIn
      • Share on WhatsApp
      • Report
Leave an answer

Leave an answer
Cancel reply

Choose from here the video type.

Put Video ID here: https://www.youtube.com/watch?v=sdUUx5FdySs Ex: "sdUUx5FdySs".

Related Questions

  • Does pet insurance cover spaying?
  • How much does a Dental Bridge cost without insurance?
  • Is OTTO insurance legit? Can I buy it?
  • How to make a successful water leak insurance claim?
  • Does insurance cover breast reduction?
  • How much does a nose job cost with insurance?
  • Is property-casualty insurers a good career path?
  • What does the Federal Deposit Insurance Corporation do?
  • Is betterhelp covered by insurance?
  • Does insurance cover breast lift?

Sidebar

Top Users

Janeclarizz Belmores

Janeclarizz Belmores

  • 3,723 Points
SaRa

SaRa

  • 3,388 Points
Professor
Wish Lay

Wish Lay

  • 2,610 Points

Adv 250x250

  • About Us
  • Home
  • Communities
  • Tags
  • Points
  • Users
  • Help
  • Contact Us
  • Referrals
  • Policies
    • Privacy policy
    • Terms of use
Revenue

© 2023 Ansfind. | Designed by Weboptify

monetization_on Earn home Home
search Search
help Add

Insert/edit link

Enter the destination URL

Or link to existing content

    No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.