Regardless of size or nature of your business, one thing that remains the same is the need for business insurance. There are various aspects of your business that you'll need to take into consideration when looking for start up business insurance - or reviewing your existing insurance coverage. Since every business is different, each one could have different insurance requirements. As an example, a company that produces physical goods might need different insurance when compared to a company which offers services. In either scenario, there are some similarities, and listed below are a few types of insurance that most businesses should consider.
Workers' Compensation Insurance - for your employees
Workers' Comp insurance policies are required by law in nearly every state. It can provide coverage for medical costs and a portion of lost wages for an employee who becomes injured or ill at work. Typically, this type of insurance only covers injuries or illness that occur at work site - for example, if an employee slips and falls on a wet floor.
Auto Insurance Hanford
Considering that the laws regarding Workers' Comp may be different depending on where your small business is located, it's important to work with an insurance professional to make sure you're obtaining the coverage that's required, along with what you need for your particular business.
General Liability Insurance
General Liability Insurance was created to protect you and your business from the variety of claims, including accidents, injuries, or claims of negligence. A renters insurance policy can help pay for such things as property damage, medical expenses, libel, slander, legal costs, and faulty products. No-one expects to get sued, but the reality is that it's always possible. You don't want to leave your company open to these types of situations, as well as the broader the protection, the better.
Professional Liability Insurance - "Errors and Omissions" coverage
Professional Insurance can also be known as "Errors and Omissions Insurance," or "Malpractice Insurance." It protects you against lawsuits that allege negligence in providing professional services, providing shoddy work, or making mistakes or omissions. Renters insurance is particularly important if you have a service-based business, but can also be necessary for other types of businesses as well. Mistakes happen - so adequate Professional Insurance can be helpful, even if you don't believe you'll need it.
The meaning of "property" is broad, and can mean different things to several types of businesses. That is why it's important to make sure you carry adequate Commercial Property Insurance. Without this type of insurance, most small enterprises wouldn't be able to replace their equipment should something eventually cause damage or destruction. Property protected by this type of insurance can include buildings, computers, inventory, supplies and equipment. There are two types of Property Insurance: "all-risk" policies cover pretty much everything, and is a good way to avoid duplication or overlap of coverage, along with gaps in attempting to cover your liabilities. "Peril-specific" policies, or "named-peril" coverage applies simply to particular perils which can be specifically named within the policy. They're usually needed if you have a high risk in a very particular area.
Life insurance coverage / Key Executive Insurance - protection and benefit
Offering life insurance coverage for employees can be a valuable benefit when attemping to attract high-quality employees. A small business can even offer additional coverage for executives. These employees are deemed to be crucial to the running and success of the business, and may sometimes require additional insurance, far above what the normal employee benefits provide. This can be another benefit in attracting top talent.
A small business can also offer special "Key Person" policies for workers without whom the business enterprise could not function. Key Person Insurance protects against a vital employee's unexpected death - in many cases the benefit amount equals the expected revenue loss and expenses required to find and train an appropriate replacement. The business pays the premiums, and also the insurance is considered a business asset.