Modern day entrepreneurs understand the importance of protection. When you run your own business, you need to have some assurances that you’ll make it if a figurative or literal storm comes through.
If you’re not sure where to begin regarding insurance policies, you’ve come to the right place. Here is a brief overview of a few of the most important types of business insurance. Consider how you might better protect your organization as you read.
Workers’ Compensation Insurance
In nearly every U.S. state it is legally required that business owners carry a Workers’ Compensation policy. Whenever you are responsible for employees, you also responsible for their physical well-being while they’re on the clock.
Your Workers’ Compensation policy will take care of any financial responsibilities resulting from an injury to one of your employees. Medical payments can quickly add up to astronomical totals, so don’t risk your business by bypassing this type of insurance.
Professional Liability Insurance
Professional Liability Insurance is there to protect your organization in the event that one of your employees acts in an unprofessional manner, resulting in a legal dispute. You don’t want to be caught without coverage, and you never fully know who you are hiring.
The best advice is to hire smart. The internet offers countless opportunities to thoroughly screen and filter your applicants, and it behooves you to use the tools you are provided. Also, don’t overlook remote employment, as it will save your business a load of cash.
Product Liability Insurance
Product Liability Insurance comes into play when your product doesn’t fulfill its purpose or injures a consumer. If your product causes harm to a consumer, your business could face dire repercussions.
Product Liability Insurance will keep things from getting out of hand. No matter how perfect your production may be, there is always a chance for a dysfunctional product. Protect your business now, so you’re not caught scrambling later.
Some insurance coverage is better served by a physical business location. Brick and mortar establishments are the prime candidate for Property Insurance. Your Property Insurance policy will pick up the tab should something happen that causes damage to the physical property with which you run your operation.
Those who run their business from home won’t reap the same benefits from a property insurance policy, as it doesn’t typically cover such cases. It’s best to consult your homeowner’s insurance provider for added coverage that includes the things you use to keep your business running.
Business Interruption Insurance
Business Interruption Insurance is also a type of business insurance that favors those who run a brick and mortar establishment. This type of policy is aimed towards providing financial relief should your operations be ceased by unforeseen weather catastrophes.