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Insurance Coverage Features Policies and coverage are important to ensure that the company is hedged against risks that may affect financial performance. The policies and coverage include: General Liability Insurance This policy protects employees, products, and services of the business against risk and injuries. The policy also will ensure that the risks to the employees and products are covered to minimize the loss. Property Insurance 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.
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Business owner’s policy The policy and the coverage cater for the risks of the owner. The policy and coverage also include business interruption insurance, property insurance, vehicle coverage, liability insurance and criminal insurance.
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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. Also, insurance allows the small company to transfer loss to the insurance company hence mitigation of the risks in the organization. One of the limitations is that the small company finds it difficult to remit its premiums to the insurance company for the purpose of covering the risk. Another is the cost of mitigating risk is very high making the small company unable pay the cost. Business interruption This risk can be caused by fire and other unforeseen events that may cause the company to move or close. To mitigate this risk, the company should develop a recovery plan that includes the company’s insurance against business interruption. Property loss 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.| Workmen injury This risk, if not well mitigated, will lead to increased processing costs, which can result in low productivity in the organization. Costs of policies annually The annual cost of general liability is between $400 and $900. This implies that it is the amount that the insured should pay to the insurer to get the company covered from the risks. The annual cost of ownership policy is $ 1,281 is the amount that the small business must pay to secure its property against the risks. Finally, the annual cost of the business owner’s policy is $ 500. This amount is applicable for both smaller and larger businesses, and it used to guarantee 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.