THE “MUST” HAVE INSURANCE COVERS FOR YOUR BUSINESS.

THE “MUST” HAVE INSURANCE COVERS FOR YOUR BUSINESS.

When an entrepreneur starts a business, he is exposed to certain risks like
fire, theft or natural disasters. Starting a business is a great risk, operating
with the wrong insurance is a greater risk itself.

Luckily there are various business insurance policies that provide cover
against this unforeseen events that could lead to substantial financial loss
.Having the right business insurance policy is vital to the success of any
business. Here are some of the insurances a business must have as soon as
possible.

It is good to take all your covers from one insurance company as it lowers
premium rates.

  1. PROPERTY INSURANCE COVER.

Whether a business owns or leases its space, property insurance is a must.
This insurance covers equipment, inventory and furniture in the event of a
fire, storm or theft. However, mass-destruction events like floods and
earthquakes are generally not covered under standard property insurance
policies. If your area is prone to these issues, check with your insurer to
price a separate policy.

PROFESSIONAL LIABILITY COVER.

The cover protects the business against claims made by customers
following losses they may experience due to your business`s failure to
perform, errors, or omissions.

  1. BUSINESS INTERRUPTION COVER.

This covers the business against lost income due to any disruptions
especially by any catastrophic event or disaster (war). It`s mainly
applicable to businesses that require a physical location for their
operations, such as retail stores.

  1. WORKERS COMPENSATION COVERS.

It covers disability, death benefits or medical treatment in the event the
worker dies or gets injured in their business-related duties. The claim is
made regardless of who was at fault for the accident that led to the death or
injuries.

  1. COMMERCIAL AUTO INSURANCE

If a business uses vehicles in the normal course of business, they will
require commercial auto insurance. In addition to covering personal injury
and property damage, commercial auto insurance covers the business for
loss of use in the case of an accident.

  1. PRODUCT LIABILITY COVER

Protects against claims of personal injury or property damage caused by
products sold or supplied through your business. It is designed to help
protect your business by ensuring that if this happens, you don’t have to
pay any legal or court costs.

By having the right insurance in place, a business can avoid a major
financial loss due to a lawsuit or catastrophic event. Check with your
insurer to find out what forms of insurance are advised for your type of
business and put those plans in place as soon as possible.

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