Insurance Options for Modern Businesses

Many insurance companies in the United States provide different policies for established and growing businesses. Although multiple companies design policies for stores, restaurants, and hotels, there are a few options that benefit businesses in a variety of industries.

Micro Captive

Micro captives are insurance companies that operate in a unique way. On average, a typical insurer processes claims by relying on a premium that’s below a 2.2 million dollar range. Because the premium setup is different, micro captive businesses in the United States are taxed according to the rules and regulation that are found in the Internal Revenue Code. As a result, these companies only pay taxes on income that’s an investment.

Business Insurance Package

Business insurance packages give companies total protection, and managers can select specific options according to specific needs. Restaurants owners who use powerful deep fryers and gas grills can secure a policy that covers property damage, and they can also get a policy that covers employees’ medical expenses after accidents happen in the kitchen. Retail store owners can buy a business insurance plan that includes coverage for property damage, vandalism, and theft. Great options for other businesses are also available, such as policies for intellectual properties and plans that cover automobile repairs.

Flood Insurance

The National Flood Insurance Program was developed by Congress for people who have homes and businesses in flood zones. Although property damage covers most weather events, it doesn’t cover flood damage, which is why businesses must purchase a separate policy in order to get funds for repairs following major flood events.

Most companies that provide flood damage policies will only provide fund when a building is partial ruined by water. If a building is totally flooded and destroyed, a typical insurance company won’t cover the damages.

When a business has these polices, the process of staying operational following dramatic events is easier. Many companies that provide commercial policies have reasonable rates, so business owners can get coverage without making a large investment.