As a business owner, you will no doubt want to protect your business as much as you possibly can. After all, there are so many risks these days, both online and in real life. It can be easy to end up the victim, and this could work out extremely expensive for your company. In some extreme cases, some companies have even had to close down after extensive theft or a cyber crime was committed against them.
At least if you have taken out the necessary insurance policies, you won’t need to worry, though. If something does go wrong but you are covered with the correct insurance, then your provider will pay out to cover any repairs, maintenance, or damages that you need to cover. If you have a solid policy covering you, you might even be able to claim some compensation.
But which insurance policies does your company need? Here are some of the most important that every entrepreneur out there needs to get.
Professional Liability Insurance
Every business needs a good professional liability insurance. You might sometimes hear this referred to as errors and omissions insurance, because this is what will cover you if you are ever sued by a client for poor work or breach of contract. Any failure on your part in your services will also be covered for. No matter what type of business you own, it’s important that you take out this cover as it covers all kinds of services in different industries and sectors.
General Liability Insurance
It’s also worth taking out some general liability insurance as well. Even though this won’t cover any of your operations, it could come in useful if your business is home-based or you spend part of your time working from home. This will cover a range of things from premises liability cases to appliance damage. Just remember that even though you have some general liability of insurance, you will still need the professional version as well.
Property Insurance
If you rent out an office for your company, you will need to get it insured. Generally speaking, most landlords will be responsible for the taking out building insurance, but you should double check this in case it is different in your contract. At the very least, you need property contents insurance so that you are covered in the event of a burglary or fire damage. This should also cover any appliance and device breakages that are damaged on accident.
Workers’ Compensation Insurance
Do you hire employees for your company? If so, you will need to take out some workers’ compensation insurance. This will pay out if anyone who is injured while at work tries to sue you or claim compensation. It will also cover any sick pay for employees who are off with an illness or injury. If you don’t take out this kind of insurance, then you could fall into some very tricky legal predicaments indeed.
Hopefully, you will already have the insurance policies mentioned above. If not, it’s time to get them!
