Your organization’s finances are at the top of the list in terms of importance. Proper management of your finances is one thing, but understanding what it takes to protect it all is key. You may be great in the accounting department, but you need assurances should something go awry.
Protect your money by arming yourself with a diverse knowledge of the different types of business insurance available to owners today. Here is a brief look at some of the most influential insurance options for your business.
If your operation involves driving
Not every business requires the use of vehicles, but for those that do, auto insurance is a must. In most places, it is illegal to operate without such coverage. When your employees are in a vehicle, doing work for your business, you are responsible for their safety.
The best way to cover your bases, legally, is to carry the proper auto insurance. Make certain that there is coverage for medical bills and damages that may occur in the case of an accident. You don’t want an accident lawyer coming at your company. It never ends well.
Professional Liability Insurance
You can’t always know the character of a person before you hire them, and your company could suffer for an employee’s lack of professionalism. Professional Liability Insurance will cover any misgivings by a rogue employee.
Professional Liability Insurance covers instances where there is a failure to perform the duties of the position or negligence of the business, in general. Even in the most well-run operation, there are times when we aren’t at our best.
Workers’ Compensation Insurance
Workers’ Compensation Insurance is a legal necessity in most places. If it’s not legally required, a good business owner still looks after the best interests of their employees and the business as a whole.
Workers’ Compensation will cover the cost of an on the job injury for any of the professionals that work with your business. The policies are often more than adequate for covering such expenses.
Product Liability Insurance
Product Liability Insurance provides coverage in the case that your product malfunctions, doesn’t perform as expected, or injures someone.
Your business is liable for the damage caused by the product’s malfunction or misrepresentation, and holding an insurance policy is wise. Even in the most well-run operations, things can always go wrong. You can’t always be perfect.
Business Interruption Insurance
Business Interruption Insurance comes into play in the case of a disaster or catastrophic event. It is best suited for organizations which operate in a brick and mortar location, but can apply to a broad spectrum of instances.
If your business is unable to operate due to a situation that is out of your control, Business Interruption Insurance will send you a financial kickback for the losses.