Looking for what type of insurance protection is required in Indiana, if you are a business owner, can be a daunting task. Indiana, like many states, has mandatory insurance requirements for businesses that are present on its soil. Some of these insurance requirements are mandatory for all companies and some are just for established businesses.

There are three basic categories of business owners in Indiana. First there are the “sole proprietor” type of business. This type of business is considered the most self-employed business owner. A sole proprietor is only responsible for his/her taxes. If an injury or damage to property occurs on the premises of a sole proprietor business, then the owner must bear the cost of damages.

The next category of business owners is the “active” or “dependent” proprietor. An active proprietor is responsible for his/her own taxes and Liability. If an injury or damage to property occurs on the premises of an active proprietor business, then the owner must bear the cost of damages. Again, liability protection is necessary in order to cover any personal liability for injuries on the business premises.

The third type of business owner is considered a “passive proprietor.” This is the fourth most common type of business owner. A passive proprietor does not have any liability protection. However, he/she does have the right to sue for injury or damage to someone else’s property, but no insurance protection. In addition, he/she may be able to instill a contractual or rental liability policy in his/her business plan.

Indiana has the 12 Most Frequently Asked Questions about Business Insurance, including questions about insurance protection. You are advised to contact your own insurance company, or a reputable insurance broker/commercial agent to get the answers to your specific business insurance questions. To find the insurance company that is best suited for your business and your needs, contact an insurance agent from an insurance company that offers services in the state of Indiana. They will be able to guide you to the right type of coverage that will best protect your business.

Liability is one of the most important considerations when considering business insurance. When it comes to liability, there are three basic types of liability protection. These types are property liability, bodily injury liability, and advertising liability. Depending on the nature of your business, the type of liability that is needed will vary. Contact an insurance agent to discuss the particulars of your business, and what type of liability insurance is right for your business.

Property liability is designed to protect your business against property damage or injury. This type of insurance protects a business from lawsuits that occur as a result of the property of the business being damaged or injured. In Indiana, all businesses are required to purchase this particular type of insurance. The amount of coverage that you purchase will depend on the actual cash value of your business at the time of purchase. If your business is worth less at the time of purchase, you are permitted to purchase a lesser amount of insurance.

Bodily injury liability insurance is designed to protect a business owner from a lawsuit that occurs as a result of an employee that has been harmed on the job. For example, if an employee is bitten by a customer, the employee may file a suit against the business. The amount of coverage that is purchased will vary by the type of business that you operate and the location of your business. Contact Insureinfoq to discuss what type of liability insurance is required in Indiana.