Kinds of Insurance That A Company Should Have

Any business, big or small, would definitely need an insurance premium to prolong their stay in the industry. There are several types of insurance out there. Being well versed on what these insurance offer will not just ensure the future of your company but would also help you save up with what is deemed necessary.

business insurance

 

Property Insurance

This is a type of insurance that covers your company building including all the office equipment like computers, photocopying machines, and similar items. This would be needed in cases of natural disasters or perhaps incidents of fire.

General Liability Insurance

This insurance will cover cases wherein your employee, your products or services including yourself will cause any form of damages or injuries to another person, product or services.

Worker’s Compensation Insurance

In cases of accidents acquired while the employee is on duty, having this kind of insurance is of great help. It would cover up hospital expenses and salary while still recovering. Furthermore, the employee gives up his right to sue his or her employer if such incidents happen.

Life Insurance

All employees even the employer should have a life insurance while the business is going on. Dying these days also requires ample amount of money and these insurance companies will take of it.

Getting a business insurance policy for your company should be given careful thought. Aside from choosing the right set of products that match your business needs, one should also choose their insurance providers with prudence. A bad choice can lead to frustrations in claiming benefits or availing of their services. If you truly want to protect you business, then pick the ones that have been tried, tested, and approved by their clients.

Image courtesy of Arztsamui @ FreeDigitalPhotos.net

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Protecting Your Enterprise with Business Insurance

Running a business involves risks and those who come unprepared for these risks may find themselves losing their shirt over one bad incident in the office. One way to protect yourself and your business against losses is by getting an insurance coverage. There is no shortage of choices when it comes to shopping for business insurance. Entrepreneurs can find several insurance companies in their state with their own range of products, and some can even be tailored for your business needs. However, it is important to familiarize yourself with insurance products that can help your business.

business insurance

A life and health insurance policy is the most basic insurance coverage that business owners should have, especially if the business is the only source of income for the family. Hospitalization expenses can take a toll on your finances without any healthcare assistance while financial assistance for the family can help ease the burden of losing a breadwinner in the family. The same coverage should also be given to your employees regardless of the size of your business. When it comes to protecting your business operations there are several products that you can choose from. Ideally, your business insurance should cover general liabilities, property damage, and worker’s compensation insurance. These can all be included in a comprehensive policy or bought separately.

Liability insurance policies help you cover expenses that may be incurred when employees, products, or services of your company cause damage or bodily injury for a third party. They may also provide you with defense coverage which is commonly included in a general liability insurance policy. Another business aspect that needs protection is your assets or investments. Cars and delivery vans that are used to service the customers and employees of the company can be enrolled in commercial auto insurance policies for coverage against accidents or car collisions.

Getting a business insurance policy for your company should be given careful thought. Aside from choosing the right set of products that match your business needs, one should also choose their insurance providers with prudence. A bad choice can lead to frustrations in claiming benefits or availing of their services. If you truly want to protect you business, then pick the ones that have been tried, tested, and approved by their clients.

Image Credit:
Arztsamui – FreeDigitalPhotos.Net

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Who Needs Professional Indemnity Insurance and why?

If you own a business you may be confused as to exactly which type of insurance policies you need to ensure your business is safe from all sorts of legal claims and damages. Business Insurance is a broad term with a few fundamental facets; just as Home Insurance has the two cornerstones of Contents and Buildings Insurance, Business Insurance incorporates such things as Public Liability, Employer Liability and the one we will focus on here: professional indemnity insurance.

If you type a term such as Business Insurance into your search engine you’ll find that the term ‘Business Insurance’ is subdivided into many different categories. Professional Indemnity Insurance is vital to anyone who provides any kind of consultancy or professional advice service. A good example may be Accountancy or Financial Services; industries where you sell knowledge and advice for the benefit of your clients.

The trouble is the information or product you are selling may at times be to the detriment of the consumer and in a world riven with legal claims and law suits you need to protect yourself against a financially ruinous charge of professional negligence.

You have a duty of care to all of your customers and if you breach this, which you can unintentionally do in a number of subtle ways, you can be left at the mercy of a compensation claim. Professional Indemnity Insurance will allow you to defend and settle a negligence claim where otherwise you may not have been able.

If you look at the levels of cover available from the Endsleigh Business Insurance ‘Professional Indemnity’ section, you’ll see that you can receive a level of cover from £50,000 to £2million – these vast figures should illustrate how important it is that you have a policy in place.

A Professional Indemnity policy can be obtained for a very reasonable cost and with insurance services you can also incorporate cover like Employers Liability and Public Liability.

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How To Save Your Small Business from the Aftermath of Natural Disasters

Natural disasters such as storms, hurricanes, earthquakes and fires can take place and their effects on businesses can be disastrous. There have been a number of serious natural disasters to have occurred in the last couple of years. While many businesses and families have suffered the consequences, some have suffered a lot more than others. It will all depend on the preparedness of the individual.

save your small business

There are various steps that can be taken that will ensure a business owner is prepared for any calamity or disaster such as a hurricane or brush fires.

– Find the most important financial and insurance needs

Any business owner or entrepreneur should secure suitable insurance that will protect them in the event of a flood or other disaster. Such disasters have the capacity and capability to completely wipe off any businesses. Some may be so unfortunate as to lose both the building and the assets contained in there. Having adequate insurance to protect against these sorts of disasters is very important. There are a good number of local insurance companies that have policies

While it is possible to receive some form of federal assistance, this may be very difficult for individuals without any form of insurance, especially due to the red tape that might be encountered. It is therefore essential to take out an insurance cover so as to be protected from the effects of a natural disaster.

– Having a suitable back-up plan

It is essential to always have a suitable back up plan. This is a plan that can be implemented when a disaster does strike and the business cannot be operated as usual. There are several ways of doing this. A business can choose to communicate using alternative means with customers, such as using internet telephone services when normal telephone services are unavailable.

A diversification of suppliers, customers and others should also be diversified. It is not good to rely on only one group of buyers, sellers and suppliers. A diversification will ensure that there is room to maneuver when the need does arise, especially in the event of a disaster. Also, all information should be backed up. This is very important. Businesses, companies, enterprises and other organizations should always back up their information and keep it safe at an alternative location. This way, all the important information will always be readily available, even after a huge disaster. Saving all information and then backing it up is one of the most important steps any business should consider.

–  Being proactive and well prepared

It is important to always prepare for events such as these. While everybody lives with the hope that natural disasters will not harm them or their businesses, the worst possible outcome still needs to be prepared for. This can be done by going through the motions in the mind. Going through them over and over and having a reliable contingency plan is very important.

Conclusion

All these plans are very important. Interested individuals seeking more information can be found in a natural hazard disclosure report as prepared by governments, researchers or other professional body.

Guest post submitted by Tricia Triplett.

Image Credit:
Stuart Miles – Free Digital Photos.Net

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