Carrying the most appropriate insurance policies as a business owner is not only a responsibility, it can be a life-saver. You never know what kind of hairy legal issues could be thrown your way, and it helps create peace of mind when you have the protection of insurance.
The right insurance policy could save your business thousands of dollars in legal fees and penalties. Start with review sites like consumersadvocate.org If you’re not sure where to begin in terms of insurance.Take a peek at this brief synopsis of a few vital types of business insurance. Start making educated decisions for the future of your business operation today.
Product Liability Insurance
Product liability insurance is meant to protect business owners who provide a product for sale on the general market. Even a perfect operation has a hiccup from time to time, and sometimes a malfunctioning product can cause harm.
If one of your products causes harm to a consumer, you could face a long legal battle. It’s vital that you are up to date on your product liability insurance policy. Protect your business, and find the perfect product liability policy for you.
Workers’ Compensation Insurance
Workers’ compensation insurance is legally required in nearly every state in the U.S., so there’s really no option on this type of policy. The legal implications of not carrying workers’ comp are not something you want to face. Your employees deserve to know that their future is secured if something happens to put them out of work.
Carrying a workers’ compensation policy will give your business a cushion as well. You don’t want to get stuck with the bill if someone’s leg gets mangled. Let the insurance company handle your headache, and keep your policy up to date.
Professional Liability Insurance
You can’t always predict the behavior of every employee on your watch, so it’s important to protect your operation against unprofessional actions. If one of your professionals acts in a way unbecoming of your standards, your business could face stiff financial penalties.
Also known as errors and omissions insurance, this policy is crafted to guard against claims of negligence or failure to perform. There’s no one size fits all option for this coverage, so work with your insurance agent to craft the best-suited policy for your business.
Business Interruption Insurance
If your business operates from a stationary (or brick and mortar) location, there are certain insurance policies you’ll want to carry. Business interruption insurance is definitely one of those policies.
In the event of a catastrophic happening, your business will most likely suffer from the recuperation process. You may have a gap in tie of operation, and your business interruption insurance policy will make sure you have the means to get up and running again.