Insurance is a legal arrangement where a company or the state agrees to provide financial protection for an entity during an event or by the end of a specific period. Signing up for insurance is a worthy path for all businesses.
No doubt, you expose yourself to unimaginable risks when you start a business. Thankfully, you have an assortment of insurance types to choose from to help protect your business from brand-damaging risks and lawsuits. In this post, we’ll outline a few insurance policies you might want to consider.
1. Public Liability Insurance
Public liability insurance deals with your legal liabilities concerning third-party injuries, illnesses, property damage, or death concerning your business. Let’s say you own a restaurant, and a splinter from your doors injures a customer, you’re responsible for that injury. This insurance policy will help you cover legal fees and compensation should the injured customer decide to sue.
While on the subject of doors, you should consider high-quality wood doors from door suppliers, like CDF Distributors. They’re the number one online retail door supplier in the United States and offer a range of commercial doors fit for industries across the board. You can visit their website, choose your preferred product, and enjoy the luxury of previewing your chosen product(s) via their 3D Door Designer.
You could also reach out to them if you need help deciding which product best suits your business, and their team of door experts will be available to assist you. They have eight warehouses across the country and offer delivery services five working days after your order.
2. Product Liability Insurance
While public liability insurance deals with claims of personal injuries, illnesses, property damage or death, caused by your business, this insurance covers your legal liability regarding illnesses, personal injuries, property damage, or death caused by a product your company supplied.
For instance, let’s you manufacture barbecue grills. If one of your products (while in use by a customer) exploded due to a defect, this insurance would help you cover all legal and medical costs, as well as property damages and compensations—should the customer press charges.
If you think this is the best insurance policy for your business and you’re not sure where to start, sites like iSelect can help. They’re Australia’s number one insurance comparison site. Over here, you can sift through lots of insurance deals and products. You’ll likely find a suitable policy that adequately suits your business. You can also reach out to them on their customer service line if you need help deciding which policy to go for. Their team of trained consultants can offer professional help.
3. Vehicle or Motor Insurance
This insurance covers all your company vehicles and can only be viable if all vehicles are fully insured. With this, you can safeguard cars or vans that convey employees, goods, and equipment. This will protect your company from liability should an accident occur.
Suppose employees use their vehicles for company dealings. In that case, you should make sure they have insurance that protects them from accidents. Alternatively, they should have Non-Owned Auto Liability (NOA) insurance to cushion your business in a case where your employee may not have insurance.
4. Professional Liability Insurance
Errors and omissions (E&O) insurance (or Professional liability insurance) protects your business from claims of negligence or improper service delivery resulting in damages. There’s no one policy for E&O or professional liability insurance. Each occupation has respective concerns that could be addressed in an individualized policy put together for a business. This type of insurance works for all professional entities like hair salons, tech providers, lawyers, real estate agents, and accountants.
5. Property Insurance
Property insurance covers your establishment, equipment, furniture, signage, and inventory. It also covers your entire workspace in payments to restore the property in the event of theft, fire, or vandalism. However, mass-destruction caused by natural disasters like earthquakes or floods isn’t covered under this policy.