All businesses have risks. That is why they need insurance to protect themselves enterprise wide. In response to this, insurance companies offer a wide range of work insurance options for business customers. Any small business owner looking to establish good protection for their company might wonder which policies to buy. Many types of work insurance are not only essential, but legally required. Others can cost you a great deal, without providing any meaningful protection. Below are 5 types of work insurance that will effectively protect your small business from all the most prominent business risk factors.
Professional Liability Insurance
Professional Liability Insurance, also called errors and omissions insurance, is the one policy no services company should be without. This general policy will protect you against negligence, malpractice and run-of-the-mill mistakes. This is important if your company provides direct customer services. Every firm, from lawyers and doctors to contractors and hairdressers, should have this protection. That way, you can ensure that if one of your customers is hurt by accident, you are protected from liability. Make sure your business is protected by utilizing this most important work insurance policy.
Workman’s compensation insurance is not only useful to have, you might be required to have it. Depending on your state, if your company has employees who are not related to you, workman’s compensation insurance will be required. This protects your workers from injury or death while on the job. If they are injured, the insurance company will cover their medical bills and lost wages in case of disability or death. Keeping a safe work environment is important. But, accidents will happen. This insurance ensures neither you nor your employees will have to pay these healthcare expenses out of pocket.
Commercial Property Insurance
If your company has an office, commercial property insurance can protect your physical surroundings. Whether you are renting an office or own the space, this insurance protects your office space from all kinds of accidents and disasters, even if you do not have office security for your business. This protection also extends to your furnishings. It even extends to your office equipment, like computers and servers. Commercial property insurance policies can also help protect your inventory of products if they are damaged. Commercial property insurance plans ensure your company is protected, even if your office is destroyed. That is certainly one reason to consider buying a commercial property insurance policy.
Data breach insurance protects your company from the latest threat to a budding company, data theft. If your company handles sensitive information, the loss of this information can be devastating. Data breach insurance ensures that you are protected from data lose, regardless of whether the sensitive data is on paper or from a good email that fell victim to a phishing email’s virus. It can also offer you money to inform affected customers and run PR campaigns to undo the damage that the data thieves have done. This sort of insurance can protect you from potential data problems now or in the future. in today’s digital age, it is practically a must have business insurance policy.
Business Interruption Insurance
Your company can use business interruption insurance to protect your company if you have to shut down the company for a while. This can be useful if your area is hit by a natural disaster or similar catastrophic event. The insurance provides you with funds to bridge the gap. This ensures that you can retain needed equipment and staff until after the event. Therefore, you can shut down the business knowing that it can be easily restarted when it is safe to do so. While not all businesses may have the insurance budget for such a policy, finding a good business interruption insurance plan should certainly be a priority.
There are many effective types of work insurance that can protect your company. Errors and omissions insurance ensures clients are protected from your mistakes. Workman’s compensation ensures that injured workers aren’t left to fend for themselves. Your office and all your equipment is protected by commercial property insurance. Data breach insurance can ensure you are protected from the loss of sensitive data. Business interruption insurance makes sure you have the funds to restart your business after a disaster. These types of coverage ensure your company is ready, no matter what happens. Make sure you consider all of these work insurance solutions when you are creating a plan to protect your business. If you do, you can rest easy knowing that your business insurance plans are keeping things safe while you are managing everything else.