Insurance Policies For Your Business
By: Dave Moller
In comparison to a job, running a business is always more risky. A person who has lost a job has only the job at stake and can search for other jobs as there are countless organizations available offering some kind of job. On the other hand a businessman's if unsuccessful in one business have to bear the loss way more than the job person and it is not very easy to wind up one business concern and open another as it requires a lot of investment.
In short, initiating and running a business is very expensive and a risky proposition. In order to reduce the risk, there are several kinds of insurance plans designed by insurance companies, that you can avail for your business needs. The most important and bare minimum insurance for any business is Liability insurance. Liability insurance basically protects you from any lawsuit filed on your company and is taken to court for the negligence of any staff or company in general. Casualty insurance provides safeguard against the business loss. Mostly the insurance companies offer cumulative packages of casualty and liability insurance.
Another important insurance that is necessary for any business is the property insurance. If you are not running an all online business with no presence on ground, only then you don't need one, which is highly unlikely the case though. It does not matter if you own the place or not, you can get the property insurance to protect yourself from any damage done to property in case of any natural or other disaster. However, keep in mind that you may have to purchase several policies against different possible disasters like fire, short circuit, tornado etc.
Vehicles insurance is a very important insurance option, especially if the business owns multiple vehicles for its use and has granted vehicles to the employees for personal use in the compensation package. Commercial vehicle insurance is also mandatory to have by law in many countries in the world.
Like liability insurance, compensation for worker insurance is also considered mandatory if the company has multiple employees working for it. Compensation insurance is a cost effective option for the company to provide the certain aspects of compensation package to their employees which are made mandatory by the law.
Life insurance may also be given to the employees based on company's discretion. Benefits of life insurance are obvious for any one, in case of accidental or natural death while on job, employee's family gets compensated by money to sustain the livelihood. For manufacturing concerns especially, the disability insurance is also very useful to compensate employees for any possible physical damage done while working with machinery. Apart from the compensation insurance some companies may choose to provide extra health insurance to their employees containing more than the bare minimum state required coverage.
If due to any reason the business could not continue to run for a while, then the company gets some compensation if the business has acquired a business interruption policy.