Business Insurance Policies You Should Consider
As a business owner, it would be quite risky to carry out your operations without having some form of insurance to protect you from lawsuits. Nevertheless, it can also be quite confusing discerning what policies would be prudent to your specific business if you are not aware of what is available to you. This is why you should consult with business insurance brokers to make a knowledgeable decision on which policies would best fit your business needs. Below are some of the different policies that you could consider.
General liability insurance
This is one of the fundamental insurance policies that all business owners should invest in. This type of policy ensures that your business is covered in the event of lawsuits that pertain to accidents that happen on your business premises. General liability can also encompass other legalities such as false advertisement, slander and more. General liability insurance is a policy that you should consider whether you own or lease the property that you run your operations from.
Workers compensation insurance
Some business owners may be under the assumption that workers compensation is only mandatory if they are in the industrial and manufacturing sector. The truth is that this type of insurance policy is not exclusively designed for employees that carry out blue-collar work. As long as you have people that you have employed to work for your business, then workers compensation would be an essential policy to have. This is because work accidents can occur in different forms ranging from accidents using working equipment to simple slip and falls that result in grave injuries. By providing workers compensation to your employees, they effectively waive their right to lodge any negligence claims against your business.
Property insurance
Property insurance is crucial if your run your business operations at a commercial space. This insurance policy protects your business from damages that may ensue due to vandalism, inclement weather, fire and more. It should also be noted that the property in question does not simply imply the structure that shelters your business. It will also include other types of property that are related to your business such as records, money, machinery, devices, furniture and more. It should be noted that different insurance agencies would have different allowances on the items that they will cover under their property insurance. The inclusion of some property may incur an increase in your premium. Therefore, it is advisable to consult with a business insurance broker on what items will be under your individual cover.