Consider These Different Types of Business Insurance
In any business size or nature for that matter, one thing remains that you are to be prepared of and that is business insurance. 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. Note that different insurance requirements are needed for every 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.
The first kind of insurance is for your employees which is a workers’ compensation insurance, a requirement by law in almost 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.
The laws about workers’ compensation will differ depending on the location of your firm, and so, it is better to work with an insurance professional who will help you get the necessary coverage fit for your kind of 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. Companies will be helped through this type of insurance in paying for matters such as damage in the property, expenses regarding medicines, libel, slander, legal costs and products that are faulty. As much as possible a company does not expect to get sued, but this is one reality that is a possibility, and so to protect your business to these kinds of situations, it is better to have a 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.
The commercial property insurance is another kind of business insurance needed by companies, especially for those small firms which could have difficulty in replacing equipments when damage or destruction incidents will happen. 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.