Irrespective of whether your company is an established one or a growing enterprise there is one thing that cannot be overlooked the need for insurance coverage. Different enterprises need different types of insurance coverage depending on the industry they operate in, but there are insurance covers that are needed irrespective of the industry that a business operates in. There are several factors that a company needs to consider when they are selecting an insurance company such as the cost and the type of their business. We are going to look at the insurance policies that fit a business irrespective of its industry.
One of the insurance that is needed in all the industries is the worker’s compensation insurance where the laws in almost every state compel the employer to insure their employees. The primary objective of the workers compensation insurance is to provide coverage for medical bills in the case of an employee getting injured while working, while it also covers a portion of their lost wages. Irrespective of your industry and all the measures put in place to ensure the safety of the employees there will be cases of accidents resulting in injuries thus the need to have an insurance company to compensate them after such occurrences.
Every enterprise also needs to have a general liability insurance policy that covers the business as well as the owners if in any case they can be sued on claims of accidents, injuries and any alleged accidents all resulting from the use of company’s products or even services. The general liability insurance can help cover property damage, medication cost, slander, legal costs as well as faulty products. Most businesses overlook the possibility of being sued by their customers, but in reality it is possible and thus the need to have measures to help the company when such occurrences happen.
Professional liability insurance is also known as errors and omissions insurance or malpractice insurance which protects the business when they may be sued for alleged negligence when offering their services. There are clients who will sue your company, especially the service companies when they mishandle the work and make mistakes or omissions thus the need for the businesses to have an insurance policy covering them.
It is also advisable for a company to seek for property insurance to cover their assets and get compensated in the case of destruction or damage of the property mainly due to disasters.