From day one, a business owner exposes himself to many different risks. Even before hiring the employees, having insurance is an important thing to do. Just one harmful event could be enough to destroy a small business. Here are some insurance types that a business must have and defend them against these hazards.
Professional Liability Insurance
Professional liability insurance is a type of insurance that covers a business against claims because of harm that results from failure to perform at work. There isn’t a one size business policy that can offer protection for all companies. Each business has its own fears, thus, it’s important to determine your business weaknesses and address a customized policy.
Do I need liability insurance? This is perhaps the question that comes to your mind right now. The short answer is “yes”, you do. Any business can be exposed to risks related to work activities. For this reason, it’s essential to have appropriate levels of insurance. Or else, you will experience bankruptcy or even worse, exposure of the workers to harm.
Filing Insurance Claims
As any other legal factor, you must take the necessary steps to reduce your risk exposure to work-related issues. This will include creating a separate business entity, and obey with health and safety regulations.
Whether a business owns or rents the space, property insurance is needed. This covers the equipment, inventory, and furniture, in the event of floods or earthquakes. A standard insurance policy usually does not cover all of these disasters. So, if your area is prone to natural disasters, make sure you check the price of a separate policy.
Once you will hire your employees, workers compensation insurance should be further added to the business’s insurance policy. This will cover the medical treatment, death of employees, and other health related issues. Slips and falls could be included in this policy.
If your employees use cars for business use, those should be fully-insured. This way, you can protect your business against liability in case accidents happen./ If employees are using the vehicles for personal use, their own personal insurance won’t cover the possible damages created. Bobtail insurance is a type of business liability insurance coverage that provides protection for driving trucks or tractors without a trailer or load for commercial reasons. To further learn what is bobtail insurance visit Insuranks.
In case of catastrophic events, business insurance is needed. During times like these, you might suffer lost income, so make sure you take the necessary steps to protect your business beforehand. By having the right insurance for your company, you can avoid major financial loss. Speak to an agent who is exactly suited to advise you and ensure your business is in good hands.