The business arena is full of uncertainty, with many variables that are out of your control and the smart entrepreneur takes preventative action to protect their business against a wide range of scenarios.
General Liability Insurance
This covers you for any medical expenses that might be incurred due to an accident, property damage and legal cost when the business has to defend a lawsuit. Should a person (or organization) feel you have slandered or libeled them and they file a lawsuit, your general liability insurance pays for your legal costs. Of course, this may never happen but you just never know in the modern world of commerce.
Errors and Omissions Insurance
This is also known as professional liability insurance and it covers legal costs when professional errors and negligence are concerned. This is one way of protecting yourself and your business and it could be the difference between success and failure; such a scenario could happen even if you have done nothing wrong and you will have to spend time and money to respond. For the little it costs, it is better to have this kind of protection, as you never know what lies around the corner.
Tools & Equipment Insurance
Of course, equipment is very expensive and having a work van broken into and losing all your critical tools and equipment is a huge expense that you can do without. Taking out a tools and equipment insurance policy means you can buy new equipment (new for old) and continue your business, which resolves the problem. If your industry demands expensive equipment and machinery, it is vital that you have comprehensive insurance that covers theft, damage and loss.
Commercial Premises Insurance
Let’s face it, anything could happen; a factory fire would certainly wipe you out! Thieves breaking in at night and making off with valuable stock could be more than a little disruptive – taking out commercial building insurance covers you for all scenarios. Many a thriving enterprise has fallen due to an unforeseen incident and they did not bother to take out the proper insurance; don’t put yourself at risk, take out the right insurance policies and minimize the risks. Here is an article that highlights the importance of managed IT services and support for small businesses.
Worker’s Compensation Insurance
Accidents can and do happen; worker’s compensation insurance protects you and your business against claims made by employees regarding personal injury and other situations. It might be an unfair dismissal claim or an injured worker who thinks your company was to blame for their injuries, this policy covers you for a range of employee-related legal costs.
There are many things that can occur to threaten your business and as the owner, it is your job to minimize those risks by taking out adequate business insurance that covers you for every eventuality. This can all be done through an online commercial insurance provider and they have the lowest premiums from top insurers.