Business Insurance Does business insurance cover for losses associated with bad business deals

[Phabbyfundz]

Business insurance policy is a a form of indemnity of an uncertain event of future occurrence of losses experience in business by natural hazards or unfortunate circumstances. This kind of insurance policy suits every individual who some form of entrepreneur or who has a business be it small scale or large business against times when there is an uncontrollable loss by sudden uncertain event various economical misfortune.
There are cases when a client who purchase a business insurance policy who was involved in a business deal that went badly and led to the loss of their clients money or resources in this case when the client was consciously involved in the process that led to the loss of their resources or funds, would the insurance assist in this of scenario by providing their client with some form of leverage.

 

[Chibson]

It depends on the kind of agreement or insurance you venture into and in some cases it depends on the company. A normal insurance company will definitely not cover for your bad marketing deals. Insurance normally comes to play when there are some disasters involved in your business which you may not be the cause.

 

[btaliat]

Out of the things that cannot be insured is bad debts. For instance, if the insurance company is insuring bad debts, then it may be abused it because most of the business owners won't even bother tying their effort in retrieving money from the customers that are owning them money.

 

[Mandy96]

Well as much as I know, insurance coverage for bad business deals depends on the owner and how he or she goes about it. What I meant is that one could know if a deal would go well or not, some decisions seem so naive that the insurer could refuse to compensate the insured

 

[btaliat]

Well as much as I know, insurance coverage for bad business deals depends on the owner and how he or she goes about it. What I meant is that one could know if a deal would go well or not, some decisions seem so naive that the insurer could refuse to compensate the insured

I am sorry to object you. Not all events insurance can cover. And I am very sure of bad debt. It is out of what insurance company does cover. If you check my first post. I told you the reason why insurance company may not even want to go far as insuring on bad debt. I am be wrong as well though.

 

[Phabbyfundz]

I am sorry to object you. Not all events insurance can cover. And I am very sure of bad debt. It is out of what insurance company does cover. If you check my first post. I told you the reason why insurance company may not even want to go far as insuring on bad debt. I am be wrong as well though.

For instance if you are a client with an insurance company, and you had a new business gig and you invested in it ,but in the long run it didn't go as planned you encountered losses. With proper evidence taken to the insurance company won't the insurance company come to the aid of their client by providing assistance

 

[btaliat]

For instance if you are a client with an insurance company, and you had a new business gig and you invested in it ,but in the long run it didn't go as planned you encountered losses. With proper evidence taken to the insurance company won't the insurance company come to the aid of their client by providing assistance

They may not come to the aid of such a person. Let me clarify my claim. If I am into real estate and I have insured my investment. The insurance will be catering for any loss that I may incure from that real investment and not with another business transaction with another person because that is not in the scope of the policy..

 

[Wisdom01]

I think before you go for business insurance , the insurance company would probably want to have idea about the business you are truly moving into , so that they would basically know if it's a bad idea or good one and place a cover on the business , it's important for them to do so

 

[btaliat]

I think before you go for business insurance , the insurance company would probably want to have idea about the business you are truly moving into , so that they would basically know if it's a bad idea or good one and place a cover on the business , it's important for them to do so

Nothing concerns the insurance company with the businesses that you wish to venture into. They are only concerned about the business that you insured with them. And if the deal you enter into doesn't favour you, the person may be on his own because the cause of the failure may be attributed as intentionally and not accidentally caused.