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6 Insurance Policies That Your Business Needs

Running a business involves a lot of risks. For instance, your employees might get into an accident, the company vehicles might cause damage to others, you might give bad advice in the cause of business, and more. Protecting your business from the damages that you might have to cover in case of risk occurrence requires you to take insurance cover. Here is how to make sure your business is covered.

  1. Workers Compensation Insurance

The majority of states need companies to have workers compensation insurance. However, business owners in Texas are not mandated to have workers compensation. The requirement is for firms that have a particular number of employees. This figure can vary between three and five based on the state your business is located. A workers compensation will cater for lost wages and medical care for workers who are injured at work. The insurance covers damages regardless of the party at fault in the incident. In case of death of the employee, the policy will offer the compensation benefits to the family of the employee. In case your business is small, you might not be legally mandated to take workers compensation insurance based on your state. Even though you might not be legally needed to carry it, having it is an excellent way to protect yourself from legal liability in case of injury to a worker on the job.

  1. Commercial Auto Insurance

Any vehicle that is used in the running of your business must be included in the commercial auto policy. The majority of personal auto insurance policies do not include vehicles employed for business use. Your commercial auto policy will cater for property damage or bodily injury done to others by your business vehicle depending on the limits of the policy. You can personalize a commercial auto insurance policy to suit your particular needs like paying for the replacement of a business vehicle that was in an accident.

  1. Liability Insurance

As an owner of a company, you can be sued by people for any loss resulting from your company’s negligence that results in harm to individuals including a defective item. Liability insurance will cater for legal expenses and damages based on the policy limits in the case of a legal suit. It will provide for the medical fees of people who are hurt by your company.

  1. Property Insurance

A business property insurance caters for the damages to your company’s property that results from a covered loss. The policy safeguards your business premises, office furniture, inventory, computers, and other items on the premises. Many property insurance policies also cover expenses for safeguarding your business from further damage after a loss such as theft, including installation of security cameras. It also includes the cash required to run the company until the repair of the damage is completed.

  1. Professional Liability Insurance

In case your company is involved in the business of offering professional services including making recommendations, providing professional advice, designing products, and more, you are subject to legal suits in case you offer faulty advice or provide wrong recommendations that lead to harm to others. You can also take an errors and omissions policy that safeguards you from judgment errors and cover your legal expenses up to the limits of the policy.

  1. Business Interruption Insurance

In case of a catastrophic event or disaster, there is a likelihood of interruption to the running of a business. Hence, your business will face lost income as a result of your employees’ inability to operate in the office, make sales calls, or manufacture goods. This kind of insurance is particularly ideal for businesses that need a physical location to operate like retail stores. This kind of insurance will compensate your company in the case of these events.

From workers compensation insurance to business interruption insurance, all the six policies will ensure that your business will be covered in case the risks occur. Hence, there is no reason for the company not to continue with business as usual if it has all these policies.

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