With so many different types of insurances around it can be tricky to know exactly what insurance your company needs. It can vary from sector to sector but it is one of those things that it is imperative to have in place regardless.
Accidents and malfunctions can happen anywhere at any time and it pays to know you have the correct protection. Whilst you can easily find the correct legal assistance fromshould you be in an accident whilst at work or in your own time, when it comes to protecting everything you have built, there are a few types of insurance it would be wise to obtain.
Below are 5 different types of insurance that you should be looking at obtaining depending on your business model.
General Liability Insurance.
This is the one insurance that every business should have. Regardless of the size of the company or location, general liability insurance is a must for every business owner. Providing both defence and damages for you, employees, products or services are found to have caused or been alleged to have caused damage or injury to third parties.
Business Owners Policy
A Business owners policy (BOP) covers all protection a business owner would need. This includes business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. A BOP can be adapted to your individual business based on what you do and often, it can be cheaper than buying everything individually.
No one wants to think that their employees will be harmed on the job however sometimes things don’t always go to plan. This is where having workers compensation in place is essential. This will protect you from any legal complications and will provide wages and medical benefits for employees injured in the workplace.
When it comes to having this protection, rules vary from state to state however some states can impose hefty fines for those employers who don’t take out workers compensation.
Ensuring you have adequate insurance in place for your premises and types of equipment contained in and kept on them can give you peace of mind should you incur any damages due to accidents, theft, fire and more. It can be expensive to replace all of your equipment so making sure you are covered in the event of any issues will save you a lot and worry and stress.
You can also add on the loss of earnings cover should you find yourself in a situation that means you are unable to proceed with your work and fulfil the requirements of services and product orders.
Breach of Data.
For any companies who hold any type of data at all, being covered in case of a breach of personal details will mean you are covered against any losses incurred by this event. Data could be digital or paper files and contain things from customer details, services, and products you sell, to staff details and bank accounts wages are paid into. Even with the best systems in the world, there is always the risk that sensitive information could end up in the wrong hands.