Does Your Business Need an Insurance?

Insurances are designed to guarantee the safety of a domain and to support owners in case something goes wrong and they are facing a certain level of loss. If you are starting a small business, you must know that there are some risks and several types of insurances can help you achieve peace of mind knowing that your business will remain safe. If you still have doubts whether or not your business needs an insurance, here are some insurance examples that will convince you of their benefits.

General Liability Insurance

Regardless the activity domain of your business, it’s best that you close a liability insurance that protects you against the damages you, your employees or your services might cause to a third party. In short terms, if your business causes any bodily injury or property damage to a third party, the Liability insurance will cover the damages.

Property Insurance

Whether you own a building or you have business personal possessions, including office equipment and tools that you have invested your money in, then you should consider purchasing a safety policy that will protect your assets in case of vandalism, fire, flood, or any other incident. These types of insurances also include a business interruption and loss of earnings clause that protects your earnings in case you can’t operate the business.

Commercial Auto Insurance

This insurance protects the company’s vehicles and covers any type of cars, vans, trucks or SUV that you use in your business. If your company doesn’t have vehicles, but your employees drive their personal cars, you should have a non-owned auto liability clause that protects your company in case your employees don’t have car insurances or the coverage is inadequate.

Worker’s Compensation Insurance

In case one of your employees is injured on the job, this insurance provides wage replacement and medical benefits to them. In order to obtain these benefits, the person in cause gives up the right to sue the employer for the incident, which makes this insurance one of the most important your business must have. It will protect you from legal complications and will maintain your reputation.

Professional Liability insurance

This type of insurance is also called professional indemnity insurance or errors and omissions insurance and it serves in protecting service-providing individuals and companies from bearing the costs of a negligence claim lawsuit against them. Over the years, the most popular cases of liability insurance were the cases on medical negligence, which were highly promoted by the media. Since the cases on medical negligence often end with the patients receiving large amounts of compensation, it is no wonder that all medical professionals choose to get insured. The medical negligence insurance is part of the professional liability insurance and will protect you in case of medical negligence lawsuits.

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