When you’re a business owner, you have a long list of issues to manage on a daily basis. Through all the twists and turns of the operation, it’s important to consider the bigger picture.
Insurance is what will keep you prepared for the bigger picture, and give you a safe place to land should something bad happen. Protect your financial investment and the people who help keep it together with these different insurance policies.
General liability insurance
General liability insurance is great for covering random onsite accidents and other general risks of owning a business. If someone slips and falls in your store, premises liability insurance will cover the costs associated with rectifying the situation.
When you purchase general liability insurance, you have coverage for claims like property damage, bodily injury, and personal/advertising injury. Getting into a situation without this insurance coverage could drain your business funds fast.
Professional liability insurance
You may have heard of errors and omissions insurance. It is the same thing as professional liability insurance. Professional liability insurance grants your business financial protection should one of your professionals fail to fully do their job.
You will want to customize your professional liability insurance policy to fit your operation and industry. Every business has its own unique set of concerns, and your insurance should cater to what your business “could” need in the future.
Product liability insurance
Even if you run a perfect production facility, there’s always a chance of something going wrong. If a customer is injured in some way due to a malfunction of your product, then your business could face some severe legal penalties.
Make sure to invest in a well planned product liability insurance policy, and don’t forget to keep up with the financial instalments. A lapsed insurance policy could be your worst nightmare, should something go wrong.
Business interruption insurance
This insurance policy is catered more towards those businesses with brick and mortar establishments to maintain. If a catastrophic event occurs, your business operations are likely to be ceased or at least disrupted. Business interruption insurance will bridge the gap financially while your operation is out of commision.
Workers’ compensation insurance
If you’re running a business which employs several workers, you need to assure their physical safety. Workers’ compensation insurance will take care of your employees should something go wrong and they get injured on the job.
In most states, workers’ comp is a legal requirement for business owners. The real point is a question of morality, though.
You should want to provide protection for your employees and their families in a time of distress. You should naturally feel responsible for their well-being while they’re on your clock.