Benefits of Business Insurance
Regardless of the size and industry that your business is in, one thing stays the same and that’s the fact that you need business insurance. There are various business elements that have to be taken into account when seeking for such insurance or reviewing existing insurance coverage. It is due to the reason that every business is unique and each of them will require different requirements. A good example of this is that, a company that produces physical goods will generally require a different type of insurance from a business that offers service. Either case, there are several similarities to them and that’s what you’d learn in the next lines.
Number 1. Worker’s compensation insurance – if you do value your employees or manpower, then this is perfect for you. This insurance is mandated by law in virtually every state and this provides coverage for a portion of the lost wages and medical expenses who becomes ill or injured while on the job. In most cases, this kind of insurance covers only illness or injuries that have taken place on the job.
Because of the fact that laws regarding this type of insurance vary base on the location of your business, it will be very important to work with a seasoned insurance broker to make sure that you’re getting proper and appropriate coverage needed.
Number 2. General liability insurance – now as for this insurance, this is specifically designed to safeguard you as well as your business from different claims which include injuries, accidents or claims of negligence. This kind of insurance can actually help you in paying for things similar to medical expenses, libel, legal costs, slander, property damage as well as faulty products. No one can foresee to be sued but the truth is, this is inevitable. You don’t like leaving your business susceptible to these types of situations and with that, the bigger your protection, the better it is.
Number 3. Professional liability insurance – for this insurance, it might be called Errors and Omissions Insurance or Malpractice Insurance. This provides protection from lawsuit of alleged negligence in providing shoddy work, professional services or making omissions or mistakes. This insurance is a lot more important if for example that you have service-based business but may be necessary too for other kinds of businesses too. Mistakes do happen and so, professional liability insurance can be extremely helpful even if you think that you would not need it.
If you truly value your business and want to see it grow, then it is highly recommended to bear in mind this insurance.