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
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.
Car Coverage
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.
