Operating a business is about more than just doing what you do. There are several aspects that will help you along the way to operating as successfully as possible. Insurance is a big part of operating a successful business in ensuring that you and your business are protected from any and all unforeseen circumstances. Though there are a range of insurance options available for almost every type of business, these are the most important ones that you should consider.
1. Worker’s Compensation Insurance
Worker’s compensation insurance is a mandatory requirement for most states in America and it is an insurance that protects both the business and the employee. Worker’s compensation is a no-fault insurance policy that is geared towards covering medical expenses relating to accidents and injuries in the workplace as well as protecting the business from further litigation from the affected employee.
2. General Liability Insurance
Liability insurance is an important one to consider for the widest range of businesses. This insurance essentially protects the business from liability where they are found to be at fault. Whether it’s a trip and fall incident with a customer or a range of other potential accidents, general liability insurance is a good one to have.
3. Professional Liability Insurance
Where general liability insurance protects the business itself, professional liability insurance is more about protecting the employees of the business in a professional capacity. Professional liability insurance is an essential policy for those operating in a service environment where they could be found at fault or negligent in professional circumstances. This type of insurance is recommended for a range of industries including finance, medical, and real estate.
4. Property Insurance
If a property is owned or leased under the name of your business, it is wise to do all that you can to protect it. Property insurance for businesses can cover any number of unforeseen circumstances, from break-ins to fires, so that the business is not left out of pocket if any of these events and more should occur.
5. Income Protection Insurance
Working for yourself is a dream for most people but it also has its downsides. Falling ill and being unable to work for some means that the income stream can stop at any time and many in sole trading operations face the uncertainty that comes with lack of income from unforeseen circumstances. Income protection insurance guarantees a percentage of proven income to be paid out in the event that the business owner becomes too ill to work which can help with medical expenses or even the transition into other fields of work if the injury is more permanent.
There is a wide range of insurances out there that can be beneficial to business owners and assist in the successful operation of businesses. Insurance is there to protect you against the unknown and to ensure that your business can continue to thrive in every circumstance. Consider which types of insurance are right for your business because while you are planning for the best, you should always be prepared for the worst.
