Starting a business is a risky venture. But the world is full of risks so anyone who has decided to choose the path of entrepreneurship will simply have to learn how to take care of these risks. The business world, in particular, is filled with a lot of risks, unpalatable situations, and unforeseen circumstances that threaten not just the growth but even the survival of your company. However, every smart person knows that dealing with these risks even before they occur is the best approach. It is not just planning to avoid those risks that matter but putting measures in place to survive any eventualities.
By now, you probably have a good idea of where this article is headed-the need to have your business insured. The good news is that there are a variety of insurance plans and options aimed specifically at protecting you from different types of risks you are exposed to. You can visit https://davechristyinsurance.com to discover some of these options. Below are some of the policies you should consider buying to cover your business.
- Property Insurance: Whether you own the property you are operating in or it is just a lease, this is one of the most important policies you should consider taking on. Property insurance not only covers the building, but also the properties in it such as furniture, fittings, equipment and so on. This ensures that all of these properties are protected in case of a fire outbreak, theft or other unfortunate events. However, the act of God such as earthquakes and floods are generally not covered by this plan. You could check with your insurer to find another policy that could cover these if your area is prone to these occurrences.
- General Liability Insurance: This is also another must-have plan as long as the business renders services or manufactures products. It protects your business in case of body or property damage to a third party as a result of any of your products or services. In some cases, this may also cover your employees as well.
- Workers’ Compensation Insurance: This should be added to the insurance policy of the business as soon as the first employee is hired. It will cover for disability, health benefits, and even death benefits in the case of an employee getting injured or dies while working for you. As long as the damage caused to the employee is a result of your business then this insurance policy covers that. While most employers whose employees are exposed to low risks usually opt not to go for this policy, it is still a good idea to have it in place just in case. It will save you from litigation if any such unfortunate events occur.
- Commercial Auto Insurance: Company’s vehicles used to carry employees, products, and equipment of the business should be insured with commercial auto insurance policy. If the business does not own a vehicle and the employees or any other person uses their cars instead, then it should also be insured under a non-owned auto liability policy to protect the business in case the car owners do not have the car insured. Sometimes, non-owned auto liability can be added to other policies.
5. Professional Liability Insurance: This type of insurance is also called errors and omission policy. It protects the business against negligence claims arising from the inability to perform or under-performance. Each industry has the risks that are unique to them which could be a result of the nature of the products or services rendered. Hence there is no universal professional liability policy for every business. Each uniqueness will be addressed in a customized policy designed.
6. Product Liability Insurance: This is also vital for companies that make products for sales. Extra care could be taken in manufacturing products. But even with all the care in the world, your product might get named in a lawsuit as a result of damages or injury to a user. Product liability insurance policy protects you against such occurrence, it also has provisions that cover for each business’s uniqueness.
- Business Interruption Insurance: Business activity could be interrupted due to a disaster or an unpleasant event leading to low income or no income at all. This policy is especially for those that need a physical location to carry out its operation such as retail stores. The insurance compensates the company for its economic loss during these periods.
No matter the size of your business, having the right cover in place will save itself from lots of financial loss resulting from unpleasant events or lawsuits filed against it. Speak with an insurance firm to find out the right policies for your needs and get insured as soon as possible.