Irrespective of the nature and size of your business, one of the things that all of them should have is a business insurance policy. When you want to review your current business insurance or get new business insurance for your company, there are many things that you should consider. Companies that offer services for example might need a different type of insurance from those that manufacture goods. This article will discuss 5 business insurance types required for your business and why you need them.
Workers’ compensation insurance
This insurance is beneficial for your employees as it protects them from certain risks and issues, especially when they occur at work. For instance, an employee could get injured at work and the insurance company will cover for the medical bills. The same applies to instances where an employee is ill or injured and couldn’t come to work. The insurance company will pay some of their salary in that case. In most cases, this insurance policy only covers employees who got injured while working or within the company’s premises. The laws could be different depending on the area and/or insurance company. For employees that travel regularly, you might want to get a travel insurance policy for them so that they are protected should anything happen when they are on a business trip. You should read a list of business travel insurance online reviewson BritainReviewsto know the best business travel insurance policy to get for your employees when they are travelling.
General liability insurance
General liability insurance can protect your business from various types of problems including negligence claims, injuries, and accidents. Some of the claims you can make from this type of insurance policy include faulty products, legal costs, slander, libel, medical expenses and property damage. While you are hoping that your business does not get sued, it is a possibility. In some cases, you could be at fault and in other cases, you might not. Hence, you should not underestimate the importance of having an insurance policy that will cover legal costs and faulty products.
Professional liability insurance
This type of insurance also referred to as Insurance for Malpractice or Errors and Omissions protect a business when they are sued for negligence in professional services provisions, making omissions, mistakes or delivery shoddy job. It is often a great idea for businesses that provide services. However, businesses that manufacture and supply goods can also benefit from them.
Property insurance
For different businesses, the property can mean different things because of the broadness of the term. Some of the property that a property insurance policy can cover includes equipment, supplies, inventory, computers and buildings. If a piece of equipment gets destroyed due to flooding, fire, a mistake from staff or problems with electricity, the insurance company could be liable to pay for it.
Life insurance
Life insurance for your employees is important, especially if you want to attract professional and experienced employees to your company. The policy could also be extended to the executives of the organization. Since your employee is very important and goes a long way to decide the success or not of your business, you want to get the best as well as keep them motivated and comfortable. A life insurance policy is one of the things you could put in place to attract them.
With a life insurance policy, the employee or executive is protected should they die unexpectedly. The business will be compensated by the insurance company to the tune of an amount required to replace the employee and train the replacement.
