An insurance is a vital consideration for every business and thus should not be overlooked when running a company irrespective of whether the company is a growing one, or it is an established company. Different enterprises need different types of insurance coverage depending on the industry they operate in, but there are insurance covers that are needed irrespective of the industry that a business operates in. There are many considerations that a company needs to make when they are out to contract an insurance cost with the primary consideration being the cost and also the kind of business that the business carries out. Here are some of the insurance policies that will suit your business irrespective of the industry.
One of the insurance that is needed in all the industries is the worker’s compensation insurance where the laws in almost every state compel the employer to insure their employees. The primary objective of the workers compensation insurance is to provide coverage for medical bills in the case of an employee getting injured while working, while it also covers a portion of their lost wages. A company may put many measures to prevent the occurrence of accidents, but despite the measures, accidents are bound to happen as no one can predict when an accident will happen.
Every enterprise also needs to have a general liability insurance policy that covers the business as well as the owners if in any case they can be sued on claims of accidents, injuries and any alleged accidents all resulting from the use of company’s products or even services. When a business has the general liability insurance they are covered on costs such as property damage, legal costs, medical bills as well as faulty products. There are many companies ignoring the fact that they can be sued by their customers and have not thus acquired the general liability insurance but it is advisable to have such a policy to help the company, in any case, it ever happens.
Any business also needs to have a professional liability insurance that covers them when they are sued by their clients as a result of poor services or any alleged negligence which has seen the insurance policy named malpractice insurance or omissions or errors insurance. There are clients who will sue your company, especially the service companies when they mishandle the work and make mistakes or omissions thus the need for the businesses to have an insurance policy covering them.
Any business also requires to have a property insurance which helps especially the small businesses to replace their equipment should they get damaged.