Consider These Different Types of Business Insurance
Business insurance is one matter in having a business that you will be advised to have no matter what the size or nature of your business is. When looking for a new business insurance or reviewing your present one, you have to take into consideration some matters with regards to your business. Be aware that since each business would differ from the other business, the insurance requirements will be different too. For example, a company that offers services will have different insurance from that of a company that manufactures goods, and so there are some kinds of insurance that the business has to consider.
The first kind of insurance is for your employees which is a workers’ compensation insurance, a requirement by law in almost every state. If your employee becomes ill or injured on the job such as slips and falls, this kind of insurance will give coverage for the costs in medicines and part of the wages that is lost while the employee is not working.
Depending on where your establishment is located, the laws are different concerning workers’ compensation, therefore, make sure that you will get the advice of a professional in insurance to ensure that the coverage your got is right for the needs of your business in particular.
As a protection against various claims like accidents, injuries or negligence, the general liability insurance is another kind of business insurance meant to protect the owner of the business and the company itself. Concerns about property damage, medical expenses, libel, slander, legal costs and defective products, can be covered by this kind of insurance to help the company in its expenses. The circumstance of being sued is always a probability even if a company does not expect or want it, and so to protect the business from these types of situations, it is advisable to have the protection.
The next business insurance that a service-based company is advised to have is the professional liability insurance which also known as “Errors and Omissions Insurance”, or also known as “Malpractice Insurance.” This kind of insurance protects the business from lawsuits regarding alleged negligence in the provision of professional services, in making mistakes or omissions of services, or in giving bad quality of work.
Another kind of business insurance is the commercial property insurance to ensure that equipment can be replaced from damage or destruction, and this is advisable for small companies to have, especially where there is a possibility of lesser funds to replace these things. This type of insurance covers a company’s properties like buildings, computers, inventory, supplies and equipment, and the policies can be of two types, which are the “all risk” policies and the “peril-specific” policies.
As your next important business insurance comes life insurance, which would attract executives and good performing employees to be with your company.