Ensuring that your business, assets, and employees are insured through a genuine service that won’t take advantage of you is a challenge in itself. It’s widely known that both small and international businesses need legal insurance for different types of their property, contracts or even partnerships and investments. You can never tell what might happen months down the line and proper protection is essential. Without looking for professional help at the last minute and hoping for the best, what are some of the most important types of business insurance that can help your company out?
- General Liability Insurance
Starting off small and important, you have your standard professional liability insurance to take care of. This type of insurance will ensure that any damage that comes to a consumer from your employee, yourself or a product or service that you sold them will be covered.
Without this type of insurance, you will have to pay for any damages (physical, intellectual or mental) from your own company’s pocket which can sometimes be a hefty sum. Don’t rely on looking for quality writing help once the damage is done because no lawyer will be able to help you without this insurance safely prepared beforehand.
- Worker’s Insurance
This insurance secures any and all damages, medical bills, death insurance and other health/injury related costs that your workers might experience. Not every company consists of writers who sit in front of the computer without being exposed to physical or health hazards. Construction companies and private security firms should make it their priority to include worker's insurance on their company roster of legal securities.
- Property Insurance
Depending on the infrastructure, offices and equipment your company relies on, consider getting property insurance from your bank of choice. These insurance policies are fairly self explanatory and you don’t need the best writer to translate the legalities to you. What it comes down to is paying monthly/quarterly/yearly rates for your bank to cover the costs of any potential harm that might come to your company’s property.
This can include or exclude physical damages done by visitors or employees, infrastructure damages due to weather conditions (floods, earthquakes) or even technical damages in the chance of electric failures. Any non-online business should consider property insurance very seriously before anything unexpected happens and the company loses revenue due to repair costs.
- Commercial Auto Insurance
Physical small businesses that work in retail, shipment, transportation or any kind of work that involves owning and maintaining vehicles should consider an auto insurance package. These policies will pay for any repairs or damages that come to your vehicles over the period of next several years.
It’s often better to sign these deals as soon as you acquire new vehicles since later coverage involves very detailed vehicle checkups for past repairs and damages.
- Data Breach Insurance
Online businesses and those that involve a lot of contracting, paperwork and database maintenance should strongly consider acquiring data breach insurance. These insurance policies work in your favor in case of any breaches, hacker attacks, electrical failures (and subsequent data loss) or even server crashes and similar anomalies. Data insurance policies are new to the market with the recent rise of online businesses such as design agencies or some of the best writing services on the web.
- Error & Omission Insurance (E&O)
Errors and omissions can occur in case that your company provides coaching exercises, team building, internal employee trainings or similar soft services that involve verbal communication. You might tell someone to sell their assets as a means to encourage them to follow their dreams only to have that person sue you if they don’t feel satisfied with the result it brought to them.
E&O insurance policies protect you from any costs that might come from these cases and depends on the type of business your company does. If your company is a specialist in the field of giving professional advice for example, then you are definitely eligible for this type of insurance.
- Business Interruption Insurance
Your business and production may stop due to unfortunate incidents. A weather change can cause you to lose hundreds of thousands of dollars because you had to shut down production lines for several days.
These interruption policies focus on protecting your revenue from these types of accidents. Unfortunate events that can’t be controlled are eligible for business interruption insurance and companies that work with large quantities of services, material shipments or physical production lines should definitely check them out.
You can never be too safe when it comes to insuring your company. Keep in mind that the more types of insurance you use, the more you will have to pay the bank for maintaining your contract. Depending on the income revenue and the type of business you do, make sure that those costs don’t hinder your development and operations. Do everything in your power to protect your assets and secure them in case of unfortunate events.