Businesses and various companies have access to a wide range of insurance types to protect them against loss and dangers. However, sometimes it is difficult to find out which of them are the most essential for the company. Insurance policies almost cover everything, from computers to unlikely disasters.
It is important for the company to choose carefully what is the best for the business and it will always boils down to the needs of both company and employees. Keep in mind that insurance needs vary from business to business, just asks a professional insurance adviser about it.
Below are the types of insurance that basically important for business owners. Read them and carefully choose the best for the company’s needs:
Workers’ Compensation Insurance
This type of insurance is important part for the benefits of the employees. Once hiring employees, workers’ compensation insurance should be an additional policy to the company’s business insurance. Workers’ compensation insurance can cover the medical treatment, disability and death benefits of the employees in the event that they have encountered injury or worst are that they die while at work. Even if the work is not too risky, there are still slip-and-fall injuries or medical conditions that may result to a pricey claim.
Homebased Business Insurance
This type of insurance applies to business that operates from home, but it is still worth considering because there are 52 percent of small businesses that are being managed at home. This insurance can cover property damage and business items in case of theft or a natural disaster.
This type of insurance does not mind if the business operates in an office or at home. It will protect the computers, inventory books, tools and other equipment used for your business in the case of emergencies like fire, vandalism, or theft. Business owners can reimburse some losses on business income. Keep in mind that natural disaster like earthquakes or tsunamis are not generally included in this type of insurance. There will be an additional fee if you want to cover natural disaster but it will always depend on your area.
General Liability Insurance
Businesses need this of insurance in case of legal disputes resulted from accidents, injuries and claims of negligence. This insurance covers the protection of the insured business against expenses linked to claims with reference to bodily injury and property damage caused by the business operations. This is the most important insurance policy that every business owners should have.
Product Liability Insurance
Product liability insurance is a must for companies that build products for sale on the big markets. Even a company that takes every precautionary measure possible to ensure its products are safe can find itself named in a lawsuit due to damages caused by one of its products. Product liability insurance works to protect a business in such a case, with coverage available to be tailored specifically to a specific type of product.
Professional Liability Insurance
This insurance is also known as the Errors and Omissions Insurance, which is an important policy potion for service providers. It offers coverage to the doctors, lawyers, consultants and other professionals who give advice from the heavy cost of defense against and liability for negligence claims. Other professionals such as physicians are required to have this insurance, where they need to buy malpractice insurance in certain states.