The unpredictability of the future makes it necessary for businesses to take some kind of insurance with the prime intension of having a claim to the tune of what is lost. Business insurance in itself encompasses several other types with its own associated policy terms and conditions.

Before I proceed to give a brief description of what the different types entails, I would like to stress the general importance of business insurance.

It is important to acknowledge that incidents like fire, burglary and the like are inevitable in any business set up. This is of course your inability to foretell what tomorrow holds for you. In unfortunate time like these the only surety is the insurance package the will help regain the organization in question to its financial strength to keep it going.

This therefore means that before a claim is made there must be some well established doctrines. For instance there must be a loss which was prompted by a particular cause.
Secondly, the cause of the incident should be accidental in order to warrant a possible claim. Again, the amount of the premium should be something affordable.

Among some of the types on insurance include the following with:

Property Insurance – This type of insurance is undertaken to take care of the location of the business in times of damage or loss as well as its content. If the property is insured against fire for instance it means one can only make a claim when the property was damaged by fire only.

Workers compensation- This insures workers against injuries on the job. This means if one closes from work and gets hurt along the way, s/he does not qualify for such compensation. The injury must be as a result of using equipment, tool or machine and be injured in the process.

Other types include, Commercial Auto, Liability Insurance, and Business Interruption etc.