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Four Insurance Cover Every Business Should Have - Insurance - West Entrepreneur Forum

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Four Insurance Cover Every Business Should Have by Ikoiikenna: 11:44am On 9 Sep

Are you starting a new business or you are already a business owner wondering what type of insurance to apply in your company? Well, read on as this article will summarize some of the main types of business insurance and then you figure out the right one to apply for your business.

The right insurance cover is vital for protecting businesses because every business have its own needs that is why it is important to ensure you are protected from any risk that you might face. Having the right business insurance policy will ensure your business is compensated in monetary value for any loss.
Here are the various types of business insurance policy you might need for your business.
insurance

INDEMNITY INSURANCE
This type of insurance policy is vital to most business. This is so because it protects the business owner from unfounded claims made by a customer who feels that you made a mistake in your work with them. For example, you are a business consultant and a client comes to you for a business advice and you rendered the service with the best of interest but unfortunately for the client, things didn't turn out as expected.

That client then feels it is because of your advice they didn't get what they want and might feel the need to sue you. Now, this is where this indemnity insurance policy becomes important especially since you offer professional services or advice.
Also, you need an indemnity insurance policy if your business or services cut across areas like architecture, healthcare, financial adviser, accountancy, marketing agents etc.

EMPLOYER'S LIABILITY INSURANCE
Employer's liability insurance policy is the only legal type of business insurance mandatory in countries all over the world. If your business requires you to employ a worker or workers, then you need this type of insurance policy and there is always a heavy penalty to pay if you do not have one as an employer.
This type of insurance is made to cater for any compensation claims made by your employee in cases of injury or damages gotten while on the job.

BUILDING AND CONTENTS INSURANCE
This type of insurance apply to renting of property or owning one. If you own the property where you run your business from, then you need to have the building insure. but if you are on rent in the property or space where you run your business from, then you only need a content insurance policy. Because you will only be responsible for covering the contents of your business while your landlord is the one responsible for covering the building part of the insurance.

PUBLIC AND PRODUCT LIABILITY INSURANCE
Say, you have a business that caters to the need of people daily, you need this type of business insurance. For instance, let's say your business is the kind that people need to come to your premises or the type that you have to go to client's homes or premises , this type of insurance policy is designed to cater for compensation claims from possible injuries or damages made by client on your business.

For example, say a client got injured due to an object on the floor of your shop or if you sell a product and it causes injury to a client during usage, your product liability insurance policy covers for any compensation claims or legal costs.

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