Engaging in business operations exposes a company to a number of risks. Properties can become damaged, workers may get injured and disputes with clients can lead to lawsuits. Business insurance is designed to cover some of the costs of these incidents, so your company can maintain a stable financial footing for your future growth.
Some types of insurance are compulsory for any business, such as workers’ compensation insurance. This type of policy covers the medical costs of workers who may be injured on the job. It also provides wages for workers who may be unable to work while they are recovering from the injury.
Another type of compulsory insurance is third-party personal injury policies, which cover personal injuries to others that may result from the use of vehicles in your business operations.
Similarly, public liability insurance covers injuries or death of others that may occur as a result of your business operations. This can include customers at your place of work, visitors, or even delivery personnel. Though it is more typical for retail companies that have customers going in and out of the business place, it is also necessary for warehouses where people who aren’t directly employed through the business come in and out.
If your small business is involved in manufacturing or selling products, you may be legally liable for any injuries or other problems that result from their use. Product liability insurance will cover any legal costs that arise from these issues.
Individuals engaged in a particular profession that provides specialized services or advice sometimes encounter disputes regarding outcomes that may involve legal liabilities. Indemnity insurance covers these expenses that arise over these problems.
You can also acquire different types of insurance to cover losses from theft, employee dishonesty, or mechanical breakdowns. Another type of policy covers your against loss from events that may cause an interruption in your business operations. Commercial vehicle coverage, stock deterioration coverage, and tax audit insurance are also available.
Cyber liability insurance is a relatively new type of insurance that covers problems that may arise from the use of technology in business operations. These issues may involve cyber attacks, hardware damage, damage to reputation, and other problems. Losses involving technology have become increasingly important to consider for businesses of all sizes.
Having the right insurance to protect your business against loss can help you maintain your company’s financial stability. Individual businesses may require different types of insurance coverage. If you have questions about how insurance can help you avoid expensive costs from accidents, injuries, and lawsuits, our agents can provide detailed information on the right coverage for your business needs.
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.