Most businesses are required to have some type of insurance coverage, including worker's compensation insurance that would pay for medical bills in case someone on the payroll is injured. There are many other types of coverage you might consider for your business, even if the company itself is very small. Note these different types and what they may include so you can talk to your insurance agent about adding them to your policy.
1. Liability insurance
Liability insurance is very standard when it comes to business insurance, but you may need to adjust the type of liability according to your business. As an example, if you're a publisher who has published a life story from an author, you might want liability insurance to cover you in case someone discussed in the book actually sues your author for defamation. If you sell products online, you might need liability insurance in case someone gets injured from a defective product.
Professional liability insurance refers to the type of coverage that protects you in case professional services rendered make you liable for a lawsuit; this would be for doctors, lawyers, accountants, and the like. Be sure that your liability coverage is tailored to your business in particular.
2. Property insurance
Property insurance is needed for those who may open a physical shop or location. This protects you in case someone gets injured on your property. Don't assume that this coverage is included in your rent from a location or that there is enough coverage in the policy you may be required to keep by your mortgage lender. Note the coverage amount and what it actually covers in the case of an accident, and consider adding to this policy as needed.
3. Employment practices insurance
Employment practices insurance covers you in case someone sues you for wrongful termination, sexual harassment, discrimination, and the like. These suits might also include breach of privacy, breach of contract, benefits mismanagement, and other internal procedures that are deemed harmful.
Don't assume that because you're a small company that you will never be sued for discrimination or harassment or for invading someone's privacy, as you cannot always control what your own employees do while on your payroll but may still be liable for their behavior. Even an inadvertent computer glitch that publishes an employee's private information can mean a lawsuit for you. This type of liability coverage can protect you in those cases.
For more information, contact a local insurance company like Elders Insurance.
Share22 October 2015
If you have a new baby on the way, you need to decorate the nursery and buy nappies, but you also need to review your insurance policies. Do you have enough extra health coverage? Do you have dental coverage? Do you have life insurance in case anything happens to you? Do you want life coverage on the baby? Those questions and many more are just of few of the issues you should consider before you have a baby. Hi, my name is Marni. Our family was recently blessed with the addition of a new baby, and I had to work though those questions as well. I want to make sure no new parents are under-insured so I decided to create a blog of facts and tips. I hope these posts help you.
