If you’re a business owner then it’s safe to say you have a lot on your plate. Starting a business comes with many trials and tribulations that will see you working long hours to get it off the ground but this doesn’t mean it’s not worth it in the long run. Once everything is set up and the ball is rolling you have you will be able to work the hours you want and create a life in which you can enjoy. There are, however, some other things that need to be addressed and that is your firm’s insurance. There are many different types of insurance you’ll need to look at so here we are going to take a look at what you need and how to insure easily.
Liability Insurance
Professional liability insurance protects businesses that deal with a client base from negligence and other such claims. If you own a business then you’re likely to need this kind of insurance to avoid any hefty bills coming your way if anything goes wrong down the line. Professions that definitely need this kind of insurance are accountants, lawyers, physicians, and anyone that deals with the public. Anyone with specific expertise requires this kind of insurance because general liability doesn’t cover or offer protection from claims such as negligence, malpractice, or misrepresentation.
Working From Home
If you’re somebody that has started your own business from the comfort of your home then this is something you should be looking at. Homeowner policies don’t cover anything to do with home-based businesses and therefore should be looked for elsewhere. In this situation, you should contact your insurance provider to see how much it would cost to cover any equipment used for your business or any inventory or stock if you keep that at home.
Employee Insurance
As soon as you hire anyone within your company then you should be looking to add employee insurance. Workers’ compensation insurance will cover you from any pricey claim made by an employee if they have an accident in the workplace. Not only this but you should look at adding some employee benefits to your company, workers will feel valued and will end up working harder if they feel they are being looked after.
If you’ve just expanded your team and are unsure of the insurance available for your employees then find some helpful information here, a happy, insured workforce is the key to a successful company. Not only that, but you will be protected from all eventualities should they arise.
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Property Insurance
Whether you are a tradesman that’s renting a workspace or an office with 500 people in, having property insurance is an absolute must. This kind of insurance will cover you for all damage, fire, or theft for everything that’s classed as in the property. For many people, what they keep at their workplace is their way of life and without it, it’s impossible to make a living. Don’t make the mistake of thinking everything will be ok and walking in the next day to find all your equipment gone.
Vehicle Insurance
Everyone knows in order to drive a vehicle on the roads you have to be insured and this is no different when it comes to a business. In fact, a business should take responsibility for their workers if they are involved in an accident whilst performing duties related to work. An employee’s personal insurance will cover them if they are using their own car to get to and from work, but if a company vehicle is being used then they should have business liability insurance to protect themselves and at least third party insurance to cover others.
Key Person Insurance
The thing about life is that we never know what is around the corner, we never know what is going to happen next and we most certainly can’t predict the future. This is why it’s so important to look after those people that are close to us and that play an important role in our lives. Funnily enough, this is exactly the same in business. If your business has one or two key employees that run the show then what would happen if something were to happen to them overnight and they couldn’t work? To protect your business it’s worth taking out key-person insurance to ensure this won’t affect your business as drastically as it should do. A lump sum is paid out if that person can no longer work, giving you enough money to seek a temporary replacement.
When it comes to running a business there should never be any corners cut and no one should take the easy way out. It’s vital that everything is done in accordance with the law and you have protected yourself from anything that might happen. All of the above, depending on your business, are essential forms of insurance that you should be looking at. It takes one claim to shut an entire business down, be prepared for it.
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