Protect Your Business Finances By Properly Insuring Your Assets
by Arina Smith Finance 02 November 2018
Running your own business (no matter the size) takes unbridled dedication and a wide knowledge of many different variables in the field. You have to know how to protect your people, and you have to make certain to take steps to protect your finances.
Insuring your most valuable assets is the best way to secure the future of your organization. Take a moment to look over a brief summary, featuring some of the most helpful types of business insurance, and start protecting your investments now.
Workers’ Compensation Insurance:
If you run a business which requires you to employ other professionals, you need to have a Workers’ Compensation Insurance policy. Your employees have to feel safe while they’re on your watch.
Even more importantly, the law requires business owners to carry workers’ compensation codes that insurance companies use to estimate rates in nearly every state of the union. Don’t waste your time debating about your workers’ compensation policy, and do your due diligence for the professionals you employ.
Product Liability Insurance:
No matter how excellent your production operations are, there is always a chance for producing a bad product. If your organization’s product injures someone (or makes them ill), your business is liable for the medical bills and other financial inflictions caused by the malfunction.
Product liability insurance will protect your business from costly lawsuits should something go wrong in the manufacturing process. More importantly, your customers will be taken care of financially speaking.
Professional Liability Insurance:
When you run a business with employees, you can’t always know how each of them will act under stressful circumstances. If one of your employees treats a customer with terrible disrespect, your business could be liable for the damage caused.
Professional liability insurance will protect your business from the damages incurred by a rogue employee. Cleaning up the mess made by unprofessional behavior doesn’t have to be a nightmare.
Business Interruption Insurance:
If you run a business with a physical location, you’ll need special types of insurance to protect your investments. You can never know when a catastrophic event is heading your way, and your business could suffer sufficient financial hardship without proper provisions being held in place.
Purchase a business interruption insurance policy to protect your finances in the case of an unforeseeable emergency like a hurricane, tornado, or another catastrophic event. Being caught without this coverage could mean the end to your business.
Property Insurance is another type of business insurance that favors those who run a brick and mortar establishment. Your organization’s “property” is a large part of maintaining operations, and your property insurance policy will protect the financial investment. Property insurance covers damage caused by burglary, fire, and other precarious events.