5 Insurance policies you should consider for your business (company).
As a business owner, managing risk is a necessary part of running a company. One of the guaranteed ways of managing the risks associated with running a company/business is taking out an insurance policy that covers your business when the unexpected happens.
An insurance policy provides some financial back-up to mitigate the losses that may arise in the course of running your business
here are 5 policies you can buy into depending on your type of business.
1.Workers Compensation Insurance:
Once you hire your first employee, the workers compensation policy is something you should buy into.
The policy offers your employee coverage for medical treatment, disability and in the off chance, death as a result of his/her work with your company.
By investing in this policy you provide coverage for your employee when unexpected situations occur, providing some welfare to cater to the needs of your employees beyond the workplace.
Property Insurance is a necessity to protect the company’s tangible assets. Assets such as laptops, files, products and furniture amongst others are covered in the event there’s unforeseen loss or damage to said properties.
The policy ensures there’s adequate compensation to help your business acquire replacements.
3.Vehicle Insurance: If you run a Logistics business or you have a vehicle that aids your business then you should get Vehicle Insurance.
For a logistics based enterprise, vehicle insurance offers coverage for unexpected damages to your vehicles in the course of operations. By taking out an insurance policy, you ensure there is adequate financial backing to repair or replace your vehicles reducing your overheads and ensuring compensation for lost income.
4.Business Interruption Insurance:
The business interruption insurance covers you when the unforeseen occurs preventing your operations from running as it would normally.
In cases where theft, flood, accidents, fire or anything similar prevents your operations from running, the business interruption insurance provides coverage for your organization to pick up and keep moving.
- Professional Liability Insurance:
If you offer professional services like accounting, legal services or medical services then professional liability Insurance is a necessary investment.
Professional Liability insurance, offers coverage to prevent heavy losses in cases where clients file suits citing professional yet unforeseen errors on your part in the course of working for them.
- Group Life Insurance:
The Group life policy is a good way to ensure your employee’s family receives some padding in the event the employee loses their life while still in your employ.
This policy provides structured financial compensation to your employee’s family at their instruction, ensuring the family is able to get through the tragedy of losing a loved one with relative comfort.
- Burglary and theft Insurance:
Insuring your company with Burglary and theft Insurance policy is essential to every business owner, in tangible the event of any loss Burglary and theft Insurance helps you to recover lost items.