Describe the types of policies and coverage needed for a typical small business.

Organizational risks and losses can be managed by insurance plans. Insurers work together to create a pool that covers a range of risk. For small businesses, the Businessowner’s policy is their primary policy. It provides protection against both property and liability risks (Get Business Insurance, n.d.). Businessowner’s policies address factors that may impact business viability. The three main coverages offered are property, liability and worker’s comp insurance. The deductibles for the Businessowner Plans that offer the specific coverage vary depending on which policy they are. They can range from $500 to $1000, according to the policy. Deductibles, in other words, are the amounts that have to be subtracted from total losses before they can be reimbursed. Businessowner plans have very limited coverage. They cover employees with fewer than 100 people and range from $1000000 up to more than 100,000. The average premium for this policy is $1200. It does not include professional liability or health coverage. (Lazarony 2021).
In order to reduce risk, businesses can obtain an insurance policy like the Businessowner’s Policy. Insurance Information, no. n.d.) The insurance company is responsible for paying damages that result from the loss. By forming a pool with funds from several insured persons or businesses, this allows for the spreading of losses to a greater number. It is essential that small businesses purchase insurance to cover risks such as financial volatility, fire and worker safety, all of which can impact their day-to-day operations. These risks can be covered by small businesses purchasing Businessowner’s Insurance for $1191 annually (Insurance Information). The products are offered by different insurance companies in America such as WIAA Group.
My prospective company’s coverage plan must include the essential elements such as property and liability insurance. Because the company will be focusing on motorcycle distribution online, this is a major reason. The policy will include worker compensation, liability and property insurance as well as insurance for vehicles. This policy is designed to help you meet your annual budget, which will be approximately $1120.

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