The world is not always fair, especially when it comes to the justice system. While it can certainly help those seek compensation from business owners that have failed in their duty to provide a safe experience on their property, it also persecutes business owners who have done nothing except fall victim to a scam.
Thankfully protecting yourself against scams and genuine cases alike is simple – have insurance. With insurance, you can avoid paying out of pocket for compensation fees regardless of the cause. Regardless of whether you are dealing with an employee injury or a claim against the quality of your work, there are insurance policies to cover it all. That is why all you, as a business owner, need to worry about is to ensure that the insurance you have covers all elements of your company.
Worker’s Compensation Insurance
As soon as you hire just one person to work for your worker’s compensation insurance is a must. As this is something you will need to have right from the start, finding comprehensive, yet cheap workers comp insurance is going to save you from a lot of headaches.
This insurance is often a requirement (by many states throughout the USA) to even receiving a business license. If you do not renew your worker’s comp insurance and go without, then you risk massive financial penalties and even jail time.
General Liability Insurance
General liability insurance is available to protect you from lawsuits from the general public. It will cover costs if someone slips and falls on your premises to covering you in the case of a non-physical damage lawsuit, like copyright infringement, is brought your way.
If you operate in your home, then you will need to update your homeowners’ insurance. If you operate in a store or office, then you will need additional property insurance to cover any natural disaster like a fire, flood, hurricane, and so on.
Professional Liability Insurance
Ensure the quality of your work so that you don’t get hit with a large lawsuit if one of your employees slacks off even just once. A contractor whose electrician didn’t do their job properly can then be protected financially if, for example, that improper wiring leads to an electrical fire.
If you have one of a fleet of company vehicles (great for on-the-go branding and marketing), then you will need auto insurance.
Product Liability Insurance
If you sell products, then you will want to invest in product liability insurance. You never know when a manufacturing error could cause damage. One product that wasn’t made properly could become a choking hazard, and you need insurance to cover you for any damages caused by these errors.
Climate change has meant more drastic weather anomalies than we have seen in our lifetimes. Flooding, hurricanes, tsunamis, and the like have devastated businesses throughout the USA. Interruption insurance can help with lost income during these times.
Insurance matters, so go through with an agent to discuss all the elements of your business so that you can properly be covered for all emergencies.