MightyRecruiterAs a business owner, it is up to you to provide proper insurance coverage for yourself, your employees, your business assets and even your personal assets. Business insurance is a product that can help you do that. Because there are so many different aspects that play into protecting your business from losses, there is something for every company. Not sure why it is such an important policy to hold? Take the following for example.
- Your warehouse is broken into and thousands of dollars worth of inventory is lost.
- You did not list a certain allergen on a product label, causing several individuals to suffer due to an allergic reaction.
- An employee falls down stairs which have just been mopped, and nobody put out a “wet floor” sign.
- You wake up in the middle of the night to a phone call informing you that your retail establishment is on fire.
- An employee makes an off-color joke about another employee who considers the comment sexual harassment.
In each of these situations, you could be facing a financial loss. If you are unable to recover your stolen inventory, it will need to be replaced. If your product causes an allergic reaction, you could be sued for failure to disclose information. Your injured employee might need help covering medical costs after the fall down the stairs. Fire damage will obviously need to be cleaned up and repaired, and sexual harassment could result in a lawsuit against your company. This is just the beginning of a long list of situations that could take place, no matter how careful you are and no matter how well you train your employees on company procedures.
What Types of Insurance Coverage Are Available?
The type of insurance you choose to purchase will typically depend on the type of business you run. For example, if your business does not have a company vehicle and your employees do not run errands, you won’t need auto insurance as a part of your policy. However, if you even have just one company car, it is important to have it included. The following are some common coverage types for your consideration.
- General Liability – This is coverage that protects your company after being sued for injuries, accidents or negligence. For example, it could come in handy if your employee who fell down the stairs decides to sue for damages.
- Employee Practices Liability – This is protection for your company against former employees who file lawsuits without the grounds to do so.
- Professional Liability – This coverage is for protection against negligence, errors and omissions, which is often more prominently needed in the medical field.
- Product Liability – This coverage would come in handy in the previously mentioned case of the allergic reactions. It protects your company if your product is found to be faulty or the cause of injuries.
- Business Auto – Depending on the policy you choose, this will protect your business from liability with a company car.
- Data Breach – This is coverage that protects your company if you store personal data of customers and employees and it is somehow released or stolen.
The Right Business Insurance for Your Company
There is not one policy that works for every single company. Your business is unique with needs that other businesses don’t have. When you sit down with an insurance agent, you can discuss the individual situations your employees and associates experience on a daily basis, and come to an agreement on what to include in your business insurance policy. With proper coverage, you won’t have to worry that your personal assets will be cleaned out because of an accident at work. Instead, you can take care of the day-to-day business you are best at and leave the insurance matters up to your agent.
Legal Disclaimer
The content on our website is only meant to provide general information and is not legal advice. We make our best efforts to make sure the information is accurate, but we cannot guarantee it. Do not rely on the content as legal advice. For assistance with legal problems or for a legal inquiry please contact you attorney.