One of the most important aspects of running a business is protecting the investments you make with the proper insurance. Insurance is there to assure that your organization never loses a dime due to uncontrollable circumstances, but there is more to business insurance than a single trip to the nearest agency.
If you’re not yet familiar with the many different options concerning business insurance, then take the time now to enlighten your mind. Here are a few must-haves when it comes to protecting your business investments.
Product Liability Insurance
Even if your company does everything possible to produce the highest quality product, incidents may still occur. If someone is injured or killed because of a malfunction of your product or a circumstance of your services, your company could be held financially responsible for the damages.
You may even take the opportunity to tailor your insurance policy to the sort of product or service your operation offers the public. Let the insurance company handle the dirty work, and invest in a product liability policy today.
Every business needs some level of physical property to successfully navigate the world of business, and that property is often pretty expensive. You’ll need a property insurance policy to protect the physical things that keep your business going strong.
There’s no controlling a random vandalism or an angry ex-employee, and sometimes they do significant damage. Invest in the safety of your “things,” and enjoy running your operation for years to come.
Workers’ Compensation Insurance
In the United States, every organization is required by law to acquire and maintain a workers’ compensation insurance policy. If someone is injured on your watch, you are legally responsible for tending to the employee’s medical costs.
We all know that medical treatment is not cheap, and you’ll need a decent sized policy to keep your business safe. Remain financially unscathed by paying just a little today to save a lot tomorrow.
Professional Liability Insurance
When you provide a service to the community, professional liability insurance is an absolute. Whenever your employees are dealing face to face with people, there is an opportunity for an incident that questions professional liability.
If someone claims that they have been done wrong by your organization, you need to have a plan in place for financial security.
Business Interruption Insurance
Business interruption insurance comes into play when something happens (like a natural disaster) that causes your business to be unable to operate.
Insurance like business interruption is especially beneficial to organizations that require a physical location to conduct business. Protect your business from going under due to a catastrophic event, and invest in a business interruption insurance policy.