How does commercial insurance affect discuss Occupational Injury and Disease? What is the difference between commercial and personal insurance.
How Does Commercial Insurance Affect?
Ans-The commercial insurance definition is simply insurance you buy that is designed to protect you from unforeseen circumstances that can affect your business.But “commercial insurance” is a catch-all phrase, it’s an umbrella under which several different insurance policies can be found, all offering varying degrees of protection for distinct business types. The insurance can protect your properties, income, employees and even you from liability.If you’re a company installing scaffolding on high-rises for exterior maintenance, you’ll need completely different coverage than, say, a doctor or even someone who paints interiors for a living.
As a business owner, you know how important it is to protect your company with the right insurance coverages. However, the insurance industry is confusing and mysterious for many people. One of the most asked questions is how an insurance company calculates a business’s insurance rates. To clear things up, here are some of the factors that can affect your company’s insurance premiums.
Factors That Affect are-
1)Risk
Certain industries are naturally higher risk than others. For instance, the risk of employee injury is exponentially higher at a construction company than it would be at a retail company. Understandably, the riskier your business is to insure, the higher your insurance premiums will be. On the plus side, lower risk companies will experience lower rates.
2)Location
The location of your business’s building will also influence your commercial insurance rates. For instance, if your business is located in an area prone to extreme weather events (such as floods, earthquakes, hurricanes, etc.), then you are at a higher risk for damage. This, in turn, will translate into higher insurance rates. Additionally, if your company is located in an area with high crime rates, then you will also be subject to higher insurance costs. This is because insurance companies view your business as more likely to sustain damage from vandalism and break-ins.
3)Claim History
Finally, your business’s insurance history can also affect your rates. If your company has filed several claims throughout the years, you should expect your rates to be on the higher side. This is because your extensive claims history has proven your business to be riskier.
q2.discuss Occupational Injury and Disease?
Ans-
An occupational injury is when a person is harmed as a result of
a specific on-the-job accident where the exact date and cause can
be determined. An occupational disease, on the other hand, is a
type of work injury that occurs over time and causes chronic
ailment preventing you from performing your job duties or from
possibly ever working again.
The main difference between an occupational injury and disease is
that occupational diseases do not derive from one particular
incident, but rather happen over a period of time or series of
repetitive actions.
Common Occupational Injuries and Diseases
Here are some of the most common occupational injuries that occur in the U.S:
Listed below are some of the most common occupational diseases that workers suffer from:
q3.What is the difference between commercial and personal insurance?
Ans-
These include:
How does commercial insurance affect discuss Occupational Injury and Disease? What is the difference between commercial...
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