Running a business is a big job, and there are many variables involved in reaching success. Insurance is one of the most powerful tools for effectively wrangling the many variables of business.
There are a thousand and one different legal angles that could end up costing your business more than is affordable if you don’t have the proper insurance coverage. Here is a brief overview of some of the most vital insurance coverage options for business owners in every industry.
Professional liability insurance is also regularly referred to as Errors and Omissions insurance coverage. If one of your professionals fails to properly inform a client or simply does a terrible job, your business could be liable for financial damages.
The industry with which you operate will require specific coverage, so there’s no one-size-fits-all policy to purchase. Work with your insurance agent to get the best coverage for your particular business.
General Liability Insurance
General liability coverage is meant to protect your business from the financial and legal penalties you could face if someone gets hurt on your property. If an elderly woman slips and falls on your wet floor, you could face severe legal repercussions for personal injury.
There’s no foretelling the instances that could occur when you are running a brick and mortar organization, and you’ll need insurance coverage for safety from legal backlash.
Property Insurance is another type of insurance that is more beneficial to those who run a brick and mortar location, but there are benefits of property insurance for home office owners as well. You don’t necessarily have to have a business that is opened to the public to benefit from the coverage of property insurance.
Workers’ Compensation Insurance
Workers’ compensation insurance is not only a legal requirement for business owners in most places, it’s an ethical element. You should feel responsible for the safety and longevity of your employees in business and in life.
Your workers’ compensation policy will make certain that your employees are protected financially should they be terribly injured on the job. Don’t leave your workers out in the cold, and invest in workers’ compensation.
Product Liability Insurance
If you’re running a business that makes a product for sale to customers, then you need the protection provided by a product liability insurance plan. A product liability insurance policy is meant to take over should your product fail or harm someone.
For instance, if you make shoes, customers expect certain things from those shoes. If your shoes have a defect that constantly causes people to trip and fall, then your business could be in some tricky trouble without product liability insurance.