Nowadays, it is easy to start up your own business. You can even start it from the comfort of your own home. All you need to have is a computer, internet connection, and the products and services that you want to offer. However, most of thenew entrepreneurs fail to realize the importance of getting protection for their business. They simply think about their operations and gaining profit. What they didn’t know is that they are vulnerable to financial losses that may interfere or completely halt their growing business. On the other hand, big companies definitely have different kinds of insurance policies that can helpthem in all kinds of scenarios that may hurt their reputation.
Here are some of the basic policies that a business must have:
- General Liability
This will cover the claims of thethird party over injury or other problems that happened due to the products and/or services that your company offers. It can pay for Bodily Injury and Property Damage claims.
- Property Insurance
In case accidents or natural disaster hit your workplace, it can help you cover for all of the office equipment, such as inventory, furniture, signage, and the repair of the office. The coverage is for accidents like fire, storm, and theft. If you want to have coverage for other incidents, you can request for additional coverage.
- Business Interruption
This insurance usually goes together with Property insurance. It will assist in coverage for your business’s income in the event that your operation needs to be temporarily paused. It will help you avoid financial loss from disasters or a lawsuit.
- Worker’s Compensation
In case that one of your employees got in an accident, got disabled, or resulted to death while doing his/her work, it will pay for all the medical expenses and other benefits.
- Vehicle Insurance
If ever you, your employee, or your products got involved in a vehicle accident, it will help pay for the coverage of third-party injury, property damages, and the cost of your products. In case that your employees use their own cars, you can still give them a vehicle insurance and use it while doing work-related activities.