Types of Company Risk Protection Insurance

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Company risk protection insurance is often necessary for companies who sell particular products. Find out about the types of company risk protection insurance that are available with help from a certified financial planner in this free video clip.

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Hi, this is Roy Larsen. I'm a certified financial planner and owner of Larsen Wealth Management. Today, we're going to talk about types of company risk protection insurance. There are many types of insurances that companies use to protect themselves against risk. Let's start with larger companies. Very often when they're selling products all around the world they could be liable if something happens with one of those products and their end user. So typically they will purchase liability insurance to protect them against law suits. They need to be able to stay in business in the event that something goes wrong with one of their products and liability coverage can do that. Often they have many integral employees that are key to the process, key to the organization and they will also purchase something called key man insurance or key person insurance that will protect them if they lost a person that is very important to the success of their organization. On the small business side somebody like a doctor, somebody like myself, we may purchase something more along the line of malpractice insurance or errors and omission insurance. Typically, personal policies do not cover liabilities related to business and we must purchase this type of insurance to protect against a bad outcome in a medical event or possibly poor advice. Again, this is Roy Larsen, certified financial planner and you just watched types of company risk protection insurance.

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