Types Of Business Insurance And Why A Business Needs Them
An insurance is a vital consideration for every business and thus should not be overlooked when running a company irrespective of whether the company is a growing one, or it is an established company. Different enterprises need different types of insurance coverage depending on the industry they operate in, but there are insurance covers that are needed irrespective of the industry that a business operates in. There are several factors that a company needs to consider when they are selecting an insurance company such as the cost and the type of their business. Here are some of the insurance policies that will suit your business irrespective of the industry.
There is the need for any business to have its workers covered through workers compensation insurance while in different states there are laws that compel the employer to cover their members of staff and every other employee. The primary objective of the workers compensation insurance is to provide coverage for medical bills in the case of an employee getting injured while working, while it also covers a portion of their lost wages. Even though a company lays down strategies and safety measures to prevent the occurrence of an accident they are likely to happen as accidents are unpredictable thus the need to have an insurance company to help the business as well as the employee.
Every enterprise also needs to have a general liability insurance policy that covers the business as well as the owners if in any case they can be sued on claims of accidents, injuries and any alleged accidents all resulting from the use of company’s products or even services. The general liability insurance can help cover any cost of damaged property, medical bills and legal costs that face a business in the case of a lawsuit. There are many companies ignoring the fact that they can be sued by their customers and have not thus acquired the general liability insurance but it is advisable to have such a policy to help the company, in any case, it ever happens.
Professional liability insurance is also known as errors and omissions insurance or malpractice insurance which protects the business when they may be sued for alleged negligence when offering their services. There are clients who will sue your company, especially the service companies when they mishandle the work and make mistakes or omissions thus the need for the businesses to have an insurance policy covering them.
It is also advisable for a company to seek for property insurance to cover their assets and get compensated in the case of destruction or damage of the property mainly due to disasters.
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