Kinds Of Insurance Policies That Suit Every Business
Whether you are running a growing enterprise or even an established company there is a common need for all business which cannot be overlooked the need to have insurance cover. Depending on the industry that an enterprise operates in, there are various kinds of insurance policies that will suit their needs, but there are the main insurance policies that can be applied irrespective of the industry as they apply everywhere. There are several factors that a company needs to consider when they are selecting an insurance company such as the cost and the type of their business. Here we take a look at the insurance types that can be applied across all industries.
One of the insurance that is needed in all the industries is the worker’s compensation insurance where the laws in almost every state compel the employer to insure their employees. When an employee gets injured when they are working it is the work of the company to ensure that they receive proper medical treatment thus the needs to have an insurance company that will help the company to cover the medical bills of the company and also some part of the wages they will lose during the period they will be receiving medical attention. A company may put many measures to prevent the occurrence of accidents, but despite the measures, accidents are bound to happen as no one can predict when an accident will happen.
Every enterprise also needs to have a general liability insurance policy that covers the business as well as the owners if in any case they can be sued on claims of accidents, injuries and any alleged accidents all resulting from the use of company’s products or even services. The general liability insurance can help cover any cost of damaged property, medical bills and legal costs that face a business in the case of a lawsuit. There are many companies ignoring the fact that they can be sued by their customers and have not thus acquired the general liability insurance but it is advisable to have such a policy to help the company, in any case, it ever happens.
Professional liability insurance is also known as errors and omissions insurance or malpractice insurance which protects the business when they may be sued for alleged negligence when offering their services. There are cases of companies being sued when they provide shoddy work to their clients or when there are evident mistakes and omissions thus the need to have an insurance company to cover your business.
Every business also needs to have a business policy that will cover their property to ensure that the company will get compensated when their property is damaged or destructed by a natural peril.