Insurance for Business – Insurance has never been a new topic. It`s something everyone knows and talks about. Even the uneducated know a little about it and how it works.
Insurance for Business – Different Types of Insurance Schemes
There are different types of insurance scheme, the one that covers your home, your car, your properties, your life, umbrella Insurance, and even business insurance.
Every insurance scheme has different types. That is; when it comes to car insurance, for instance, there are different car insurance policies you can purchase, and what each of them covers.
From the day an Entrepreneur starts a business, different risks arise from the business. The more the business grows, the more risk it entails.
Even before the first employee is hired, the business is already a risk so why have too many risks without a cover, try purchasing insurance that can cover some of the risks involved in the business.
There are different types of risk that a business can face whether small or large a good example is fire. When a fire burns down your office, almost everything associated with the business is gone.
Why lose all these when you can comfortably purchase an insurance policy to cover that and even more?
Here are some insurance policies relating to business
1. Professional Liability Insurance
Professional liability insurance also known as errors and omission insurance, covers a business against negligence claims due to harm that occurs from failure to perform or from mistakes.
No business insurance policy covers all risks to a business. Each industry has the one fitted to them and the one which is most needed.
2. Property Insurance
Whether a business owns or leases its place, property insurance is a must. This insurance covers equipment, signage, inventory, and furniture in the event of fire, storm, or theft.
However, mass destruction like floods and earthquakes are usually not covered under a standard property insurance policy.
If the location of your business is prone to these hazards, discuss with your insurer for a separate insurance policy to cover that.
3. Worker’s Compensation Insurance
Once the first employee has been hired, workers’ Compensation Insurance should be added to the biz.
This will cover medical bills, disability, and death benefits in the event an employee is injured or dies as a result of his work with the business.
Even if employees are performing the low-risk job, this insurance policy is still necessary Incase of little slips around the office.
4. Home-based businesses
Most professional Businesses start from home. Like the famous Amazon started from the garage.
Unfortunately, homeowners insurance policies do not cover home based businesses in the way commercial insurance policies will.
If you are Operating your business from home, ask your insurer for a policy that would cover your equipment and inventory in the case of any hazards.
5. Product Liability Insurance
If your business manufactures products for sale in the general market, product Liability Insurance is a must. Even a business that takes every required precaution to make sure that its product is fit can find themselves in a lawsuit for a damage caused by one of its products.
Product Liability Insurance helps to cover a business in case of any dangers like that.
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