No matter what size and nature your business is, there are lots of threats and risks that can disrupt the normal functioning of your business. That’s the main reason why smart business owners purchase business insurance which is a risk management tool.
There are many different types of insurance coverage’s that can protect your business in case of any disaster. The following is a list of the most common types of insurance coverage’s that your business should have as soon as possible.
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Errors and Omissions Liability Insurance
Accidents are unpredictable. If your business provides a service for a fee, whether it’s counselling, plumbing, printing or any other service, then you need errors and omissions insurance.
In the event that a client has claimed financial loss due to an error, omission or negligent act caused by your employees or a contractor working on behalf of your company, the errors and omissions insurance can cover attorney fees, judgements, settlements, court costs among other things depending on the limits of the policy.
The main reason why liability insurance is beneficial is the fact that it covers medical expenses, attorney fees and any other damage that your employees are legally responsible for.
Product liability insurance is a must have for businesses that sells products. Despite the hard work that your business puts in ensuring that all products are of high quality, there is still a chance that some products might malfunction. Product liability insurance is a coverage that protects your business against claims of property damage or personal injury caused by products supplied by your company. With this coverage, you will not need to pay any court fees and other legal costs.
If you need to protect yourself from the risk of losing your property, equipment, supplies or inventory to theft, fire or vandalism, property insurance is the right coverage.
Whether you own or you have leased your business space, property insurance covers inventory, equipment and furniture in the event of theft, fire or even storm. It’s important to keep in mind that mass destruction events’ such as earthquakes and floods are not covered under property insurance policy.
Workers’ compensation insurance will help cover lost wages and medical costs of your employees. This coverage helps cover costs to your employees in case they have suffered work related injuries or illnesses. If one of your employees has decided to sue your business, this type of insurance will help cover all legal fees.
Life insurance for some of your key executive employees who are deemed to the success of your business is a valuable consideration especially when you are attracting highly experienced and qualified employees.
This type of insurance will cover any lost income that your business will experience after a certain disaster. Such disaster can be as a result of fire in the building where your business is located or street closure that keeps clients from accessing your business.
Any accident that can occur while driving your company’s vehicle can cause financial issues for your business. This type of insurance can cover any damage that you or any of your employees is responsible for.
This type of coverage provides income in an event that your employee is unable to carry out business activities in an extended period of time due to disability.
To ensure you have chosen the right type of insurance for your business, call AbsoluteFinancialGroup.com via 888-823-4467.