Businesses, regardless of size, deal with risks on a daily basis. Insurance is a fundamental part of controlling these risks. It is even more important for small businesses because if there is an accident, the resulting costs could easily lead to their bankruptcy.
2. Businesses, whether big or small, deal with risks every day. Insurance is an
essential requirement to managing these
risks. It is even more crucial for small
businesses because in case of an accident,
the resultant costs could easily put them out
of business. If you own a small business, or
planning on putting one up, having the ideal
insurance products will help ensure your business's sustainability and
future success.
Insurance products needed vary from business to business. Some
insurance products are highly suggested, if not required. In the following
paragraphs are several forms of insurance to take into consideration.
General liability insurance
All companies, even cottage industries, must have liability insurance. This
insurance variant is also called business liability insurance and it provides
protection to your company in the event of a physical injury to somebody
or damage to an individual's property that occurs on your premises or due
to business operations. For example, if a customer slipped while in your
company's premises, or if you accidentally smashed an expensive antique
at your client’s home, this policy will provide a reimbursement for the
cost of medical treatment and the damaged property. It will also protect
your business against lawsuits irrespective of fault. Obtain a general
liability insurance quote by following this link.
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3. Worker’s compensation
This kind of insurance gives wage replacement and medical benefits to
your employees if they are hurt while on the
job. In exchange of these benefits, the
personnel gives up his rights to file a lawsuit
against you for the accident. Keep in mind
though that employees can still file a case
against you if his injury is because of your deliberate or bad behaviour.
Laws concerning worker’s compensation differ from state to state, but
typically, it is required if you have W-2 workers. Failure to comply with
state laws can result to stiff fines.
Property insurance
If you own your building or have costly business equipment and
inventories, you should think about buying a policy that will protect you
against fire, vandalism, theft, smoke damage, flood, earthquakes and
other calamities. You will want insurance for business interruption too to
safeguard your income when there are disruptions in your operations.
Commercial vehicle insurance
If you own a company vehicle, you must have it insured to protect it, and
the employees, products, and equipment it carries. If you don’t own a
company vehicle but your employees operate their own vehicles on
company business, you must buy non-owned auto liability if your
employee doesn’t own insurance or is has inadequate insurance.
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