Reasons to Secure 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. When in search for this type of insurance or reviewing existing insurance coverage, there are many factors that need to be taken into mind. Because every business is unique in its own right, each of them needs a different set of requirements. To give you an example, a company that is producing physical goods might need to secure different insurance from a company that is offering services. 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 – now this one is intended for your employees or manpower. With this type of insurance, it is actually mandated by the law by almost every state and it offers coverage for a given portion of lost wages and medical expenses who becomes ill or injured while on the job. However, be aware that this insurance will offer coverage towards illness or injuries that have taken place on the job.
Due to the reason that laws about such insurance may vary base on where your business is located, it is vital that you work with an experienced insurance broker to ensure that you are getting proper and appropriate coverage needed.
Number 2. General liability insurance – now when it comes to this insurance, this is designed mainly to protect you and your business from various claims including injuries, accidents or claims of negligence. In this insurance, it can help you to pay for things such as medical expenses, libel, legal costs, slander, property damage as well as faulty products. No one would be able to foresee to be sued but the fact of the matter is, it is inevitable. It is never wise to gamble your business to these types of situations and with that in mind, it is best to have a broader scope.
Number 3. Professional liability insurance – as a matter of fact, this insurance can be called also as Errors and Omissions Insurance or Malpractice Insurance. This is providing 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.
Never forget about these types of insurance if you really care and value your business.