Better Safe Than Costly: Types of Insurance Your Small Business May Need

Your car has insurance. You have insurance. Your business needs insurance.

The right kind of insurance can protect you, your staff, your business, and your clients.

Of course, budding businesses may not be able to afford instantly all types of insurance that may protect them from costly losses in the end. But it’s best to have the bases covered at least because you may never know when you may need one — and in terms of insurance, it needs to be in effect before anything unwanted happens.

As the saying goes, it’s better safe and prepared than broke and sorry.

Property Insurance  

Especially if yours is the type of business wherein the equipment you bought is crucial to the very production of your product or service, then getting property insurance would be wise.

The insurance covers your office equipment from computers to tools, even your establishment (if it happens to be yours). Just be sure to choose a policy that includes protection from vandalism to theft to fire, etc.

There is also an option to protect your business’ earnings should it be unable to operate, so don’t forget to ask about that if you’re interested.

 

General Liability Insurance

Nobody sane and in their right senses would want to cause physical injury or property damage to their fellows.

But should you, your employees or your services or products be found in such an unfortunate situation, then there’s general liability insurance.

According to Investopedia, this type of insurance is a policy “that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.”

 

Worker’s Compensation

There are risks in every job, and sometimes, they can cause bodily injury to employees.

As a good employer, you would want to have your workers taken care of when they are under your wing. For this, you can take advantage of a kind of insurance called Worker’s Compensation.

It gives wage replacement and medical benefits should your staff be injured while on the job. It’s a good insurance type to have your employees’ welfare looked after.

At the same time, it protects your business as well. By accepting these benefits, the employee waives their right to sue their employer for the incident.

 

Commercial Auto Insurance

If your car has insurance, your business’ vehicles must too with commercial auto insurance.

Company-owned vehicles that transport employees, equipment, and/or products can be enrolled such a type of policy for protection against damage brought about by mishaps on the road.

Simply put, whether it’s your people, establishment or product, different kinds of insurance can provide varying types of protection.

Of course, the policies will be explained in detail by your insurance provider, but it’s good to have at least a basic knowledge of what options are available for your line of business.

Just be sure that you’re clear on the conditions before you purchase any policy, and that whatever it may be.

 

Leave a Reply

Your email address will not be published. Required fields are marked *