Running a business is like a roller coaster ride. If there’s the excitement of earning a huge fortune, there are also risks involved. As a business owner, you are always exposed to a plethora of business risks that can create hurdles and challenges. One catastrophic turn of events like a pandemic or an expensive lawsuit is enough to take down your business.
Fortunately, today businesses have access to a multitude of insurance types that can protect them against any unprecedented dangers.
Here’s a list of different types of insurances that you must have to ensure your business can sail smoothly, even when the market conditions are not favourable:
Property Insurance
Whether you own a business or have leased the space, having property insurance is critical. This insurance covers a wide range of things right from heavy-duty equipment, inventory to furniture in case of an unfortunate event like theft, storm or fire. However, many standard insurance policies don’t cover you against mass-destruction events like bushfires, floods or earthquakes. So, if your business is situated in areas prone to these issues, have a word with your insurance company to get a comprehensive policy that provides maximum coverage.
Worker’s/ Labour’s Compensation Insurance
Every time you rope in a new employee, you need to have a comprehensive worker’s compensation insurance policy. These policies cover the expense of medical treatment, disability and death benefits in case an employee gets injured or dies due to occupational hazards. Even if the employees are working in a seemingly low-hazard workspace, slip-and-fall injuries might lead to an expensive claim.
Product Liability Insurance
If you are in the manufacturing business, it is absolutely indispensable for product liability insurance. Even if you have taken every measure possible to ensure the products are manufactured safely, you can find yourself in a legal soup. This insurance protects your business in such cases and offers coverage to all kinds of product liabilities.
Vehicle Insurance
If your business uses vehicles, then they should be fully insured to them against any possible accidents. Apart from getting your business against any third-party injury, a comprehensive policy will effectively cover a particular vehicle when they get into an accident.
If you are looking for business insurance and want to know more about your options, get in touch with experts from Smart Financial Advisory. We provide insights and help you strategize your business insurance plans.