Businesses need to deal with risks on a daily basis regardless of the type of industry it is in. Coming with an insurance aids in managing these risks. Natural disasters are a part of life and protecting small business of such unforeseen events with right policies can cast a huge difference. Here are some of the policies that small business owners can consider:
General Liability Insurance: Businesses, even if they are home-based, must come with a liability insurance. This policy provides defense if you, your employees or the services or products on offer cause or are alleged to cause property damage or bodily injury to third party.
Property Insurance: If you are the owner of a building or come with business personal property that includes computers, office equipment, or tools, you need to consider purchasing policies that will offer protection in instances of theft, fire, vandalism or smoke damage. You can also consider loss of earning insurance as a part of policies in order to protect earnings if businesses fail to operate.
Business Owner’s Policy: This covers all the policies that a business owner needs to make. This often includes property insurance, business interruption insurance, liability insurance, vehicle coverage as well as crime insurance. Based upon your specific requirement, you can change this package. Most entrepreneurs opt for it since it covers a bundle of services at a single go.
Commercial Auto Insurance: This protects the vehicles of a given organization. You can protect the vehicles carrying the employees, products or equipment through this. You can also insure SUVs, trucks, vans and cars of damage or collisions.
Worker’s Compensation: This provides insurance to the employees who are injured on duty. This provides wage replacement as well as several medical benefits to the employees. In exchange for the benefits availed, the employees give up the right to sue employers for the incident. It is vital to come with this since it protects you and your organization of legal complications. State laws tend to vary, but you must go for this coverage.
Professional Liability Insurance: This policy provides defense for failure to or in instances of improper handling of professional services. The general liability policies do not offer this protection and thus it is vital to understand this difference. This is applicable for professional agencies including accountants, lawyers, notaries, consultants, insurance and real estate agency to name just some of them.
Directors and Officers Insurance: This protects the officers and Directors of an organization against actions affecting operations or profitability. In case an officer or the Director of the agency finds themselves in legal situations, this can cover the damages or costs inculcated of the lawsuit.
Data Breach: If a given organization stores non-public or sensitive information about clients or employees in their computer, paper files or server, they aid in protecting information. In case, a breach occurs electronically or from paper files, this policy will provide protection.
The small business owners work hard in order to make their dream a success. However, there are things outside control that even the most cautious and diligent operators cannot avoid. However, the right insurance coverage will save the day by protecting business of getting bankrupted.
Author Bio: James is a writer. He has great knowledge on the various insurance policies. He has several write ups on public liability insurance in Melbourne.