Business insurance is designed to protect your company against potential losses that may occur as you run your business. Such instances might involve damages to your property or equipment, or a consumer pursuing a claim against your company. Commercial insurance is another term used to refer to business insurance, and within these terms, there are various types and policies available. It’s vital that you look into every kind of insurance, and adopt the right policies for you.
Public Liability Insurance
Public liability insurance provides cover if a member of the public attempts to sue your business. Incidents like this commonly occur if, as a result of your business, someone’s property has been damaged or a member of the public has sustained an injury. Whether the incident was legally your fault or not, public liability insurance can cover any associated compensation.
Property Insurance
No matter if you lease or own your premises, it’s essential to obtain property insurance. A property insurance policy covers inventory, furniture, and equipment, protecting these items against theft, storms, or fires. Many standard insurance policies do not cover natural disasters such as earthquakes, so you may need to add on a separate policy to cover these events. Business interruption insurance is an example of a policy that covers losses caused by events such as flooding or hurricanes.
Product Liability Insurance
Before releasing your products, you simply must invest in product liability insurance. Of course, you’ll have taken measures to ensure that your products are completely safe. Regardless, it’s still vital to obtain this insurance for added protection. If damages are caused by one of your products, this kind of Commercial Insurance will support you throughout the associated lawsuit and expenses.
Vehicle insurance
If you are using company vehicles, you’ll need to get yourself some vehicle insurance. In the event that an accident occurs, you’ll need to protect your business against liability. Perhaps instead your staff use their own vehicles for company purposes? In this case, they will be covered already by their personal insurance.
Worker’s Compensation Insurance
Worker’s compensation insurance is important to cover costs such as medical treatment or disability benefits. It’s particularly vital if a staff member becomes injured in the workplace. It doesn’t matter if staff are completing ‘low-risk’ tasks; injuries can happen out of the blue in a huge number of different scenarios. To minimize the risk, health and safety should be the number one priority, and best practices should be constantly reviewed. In an office environment, simple solutions like using ergonomic furniture will ensure that your employees do not sustain injuries due to long periods of sitting down.
When you are looking for a commercial insurance provider, make sure that you do your research. You’ll want to ensure that you get the right policies to suit your needs, for the best rates possible. With the right insurance coverage in place, there’ll be no anxiety or setbacks when unprecedented issues arise.
