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. Several aspects of a business have to be considered when searching for the right business insurance, or reviewing your present insurance coverage. Every business is different from the other, and so different requirements are needed for each kind of business. 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.
For your employees, the type of insurance to consider is the workers’ compensation insurance, which is actually required under the law in every state. Through this type of insurance, the employee can be provided coverage for the medical costs and part of lost wages as he or she cannot work due to injury or illness while working in the premise of the company, for example slips and falls.
Note that there are different laws about workers’ compensation for every location, and so it is advisable that you work with an insurance professional so that you get the necessary coverage that is required for your particular business.
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. With this insurance, it can help the business owners to pay for several things like faulty products, legal costs, medical expenses, property damage, libel and slander. 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.
Another business coverage that a company can be protected from situations is the “Errors and Omissions Insurance” or “Malpractice Insurance”, or as simply termed as the professional liability insurance, and this is particularly important for a service- based company. 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. A firm’s properties like buildings, computers, inventory, supplies and equipment are covered in this type of insurance, and this comes in two types of policies – the “all risk” policies and the “named-peril” policies.
For the protection and benefit of your high quality employees and executives, you can offer life insurance.