Posted on Insurance
/ 04 Feb 2018 / No comments
For many businesses, insurance is that dreaded expense that some people will do anything to get out of taking on. Unfortunately, if you live in a particular state or country, you have no choice other than to take out primary business insurance, regardless of your industry type.
However, what I’m seeing more and more are people shunning those types of business insurance which they really should think carefully about taking out for the best all-around cover.
The Five Most Common Business Insurance Types
Professional Liability Insurance
I will recommend this insurance type regularly to all people in business! This type works to keep you covered against possible negligence claims which usually tend to arrive from mistakes or failure to perform.
This is an errors and omission type and can be drawn up to suit your individual needs as a company.
This is essential if you own the property in which you operate your business from. The key here is to remember that business insurance and home insurance are two separate entities, so if your property is in, above, or attached to your home, don’t make the mistake of thinking you’re covered.
This type covers you for the property you work in alongside the equipment that you use to operate your business.
Employee Compensation Insurance
If you use the services of employees in your business, this insurance is highly recommended as it covers such members.
This can be quite wide-ranging but should cover things such as disability issues, medical treatment, and death benefits.
Product Liability Insurance
If your business sells products which you have produced yourself to the open market, this cover is essential in covering you should any lawsuits ever be taken against you regarding such products.
Finally, if you have a vehicle which is used for business purposes, you’ll need to protect both it and the person driving it should any accidents occur.