Whatever business you're in, you should consider your needs for insurance coverage. Here's a rundown of the various insurance policies available to help protect your business against loss and damage or injury claims.
Worker's Compensation Insurance
Although some may not think of worker's compensation as being insurance, it most definitely is. It's compulsory in almost every state for every business with at least one employee, and is state-regulated. Worker's compensation covers statutory claims made by employees against injuries and illness at work. Businesses can purchase worker's compensation insurance through private companies or insurance brokers. Worker's compensation helps to protect the business owner as well as the employee with a claim. The insurance can cover medical bills and time lost on the job. It also may help to reduce the chance that an employee will sue the company, should an injury occur.
Business Property Insurance
Business property insurance covers property damage to equipment owned or leased by the business. Claims due to flood, power surges, natural disasters like earthquakes and the like would all be handled and possibly covered by the company's business insurance. Rates for coverage will vary depending on the equipment being covered. Private commercial insurance companies usually have a provision to handle business insurance policies. Though a business owner need not have business insurance (unless the leased equipment contract demands it), it is recommended for most business owners. Business insurance especially makes good economical sense for those businesses with expensive equipment on the premises. Even if the owner works from a home office, it's worth covering expensive equipment with a business insurance policy, since the homeowner's policy may not automatically cover items owned by the business.
Professional Liability Insurance
Professional liability insurance is for professionals who need to carry insurance in order to practice their provision. Two common professions that always demand liability coverage are engineers and architects. Each year, professionals must submit certificates of liability insurance to companies for whom they do business. In many cases, companies won't do business with licensed professionals who don't have professional liability insurance in place. To acquire the best possible rates for professional liability insurance, it's advisable to go through an insurance broker who specializes in the industry.
Setting up your business should always include getting appropriate business coverage in place. Whether it's worker's compensation, business property insurance or professional liability insurance, insurance protection is an inherent need for businesses of all kinds. Visit http://www.hardeeandhardee.com for more information.