What Type of Insurance Does My Business Need?

What Type of Insurance Does My Business Need?

These days doing business is as much about providing value for your clients as it is protecting against the possibility for them or an accident to wipe out your business entirely. If you run a business or are thinking of starting one for yourself then make sure that you familiarise yourself with the appropriate types that your business requires.

What Type of Insurance Does My Business Need?

To determine what type of insurance is right for your company you should ask yourself the following questions;
What does my company provide its customers? Are you a product or service based business. If you sell some form of product then you can insure against several things including theft, breakages, fire or water damage and with some policies you can insure against your goods going bad in the case of food products. If you are a serviced based business then you may want to consider insuring against damage to property, either your own or your clients e.g. your landscaping business damages a pipe at your clients home.

What does my company use? This can include insuring your office or warehouse and most commonly company vehicles. Insurance for this will not only cover the cost of repairs to the vehicle but also against any third party injuries that may result from an accident caused by a company vehicle.

Who does my company employ? When you are thinking of your employees the main type of insurance that comes to mind is insurance against workers compensation claims. Should one of your employees have an accident on the job then this insurance will protect you from any personal liability. In addition to this there are also policies that will protect against an extended leave of absence from an employee that may cause you to miss a client deadline.

By    Ella   Milton

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