Posted by : Dan Levenson Wednesday, August 20, 2014
As a business owner, you have the primary responsibility over your enterprise’s survival—and one of the most important ways to protect your assets is to buy adequate insurance coverage so that you avert the potential risk of getting buried in financial burdens. Here are some insurance products that should be invaluable to your small business:
Liability insurance coverage protects your business from costly lawsuits. There are three main types: (1) general liability that protects you against accidents or injuries related to negligence, (2) product liability meant for product defects and injuries caused by your products, and (3) professional liability that protects you against errors and negligence within your business, especially if you provide professional or personal services.
Employee Compensation and Liability
Businesses with quite a number of employees have to invest in a reliable employee compensation insurance in case of workplace accidents. Check your state’s laws for provisions about the minimum number of insurance for which the workplace compensation requirements apply. Aside from compensation though, you can also get employee liability insurance that can protect you against groundless lawsuits from within your workforce.
The vehicles your business uses also needs to be insured, just as much as your personal car. Business vehicle coverage is very important in the trucking or logistics industry, as well as any other enterprise that calls for a vehicle as an integral part of operations.