Is your business insured? Are you prepared for when the unexpected, the impossible or even the most absurd disasters hit your business? While most see business insurance as an unnecessary expense in these tough time, the price you will pay for not having it can be severe and one that can ruin your business for good. Every business and every type of business will have different insurance needs. identifying your business needs is a very important step to ensure and protect your business.
Apart from some basic insurance policies on your building and your company assets, there are 2 very important types of insurance that is well worth looking into.
1. Professional indemnity Insurance
Professional indemnity insurance only applied to certain types of work but it basically safeguards your business against professional "mistakes" that are liable to lawsuits. Suppose you are an engineer and one of the structures you designed collapsed, then it can cost you more than just your license. With professional indemnity you are safeguarded and even if you are the best engineer in town, anyone can make a mistake which is why this is so important.
2. Workers Compensation Insurance
Commonly known as workers comp, this is becoming increasingly important as many occupations are now forced to have this in place in certain states in the USA. Worldwide it is part of a push for safer work environments and the need to have a safe and accident free workplace is re-enforced by this type of insurance. It basically protects your workers while they are on the job. In case a worker was to get injured, the insurance will support him or her financially instead of the burden being passed on to your business itself. in certain occupations this is very important - especially where there is a higher risk for workplace injuries.