Have you just launched your startup and now looking to sign up for business insurance? Well, that’s great as business insurance acts as the much needed protection umbrella for your business. But, there are multiple business insurance types out there and you won’t need all of them. However, there are certain business insurance types that your company should not miss out on.
Property insurance, as the name says, helps to cover the costs of damage incurred by your property due to serious acts of vandalism or theft. This particular insurance will make sure your business is up & running despite these major handicaps.
Personal Injury insurance
The pi insurance is especially needed if you have a physical office. What if a customer trips and fall and breaks his leg at your store? He will certainly sue you for not being pro-active to keep your workstation secured. This is where the personal injury insurance will help to address the costs that you have to pay as a compensation to the customer.
Product/Professional liability insurance
Depending on your type of your offerings, you should get either product liability or professional liability insurance. You certainly manufacture or deliver your products and offer your professional service with utmost care. But human errors are not uncommon and your customer should not suffer for your faults. The product/professional liability insurance will guard your company if a customer sues you for faulty product or service.
Worker’s compensation insurance
Your workers or employees are the main driving force behind your company. Thus, if they suffer from any danger while working for you, you should make sure to get appropriate compensation for them. It will certainly put you in a higher light before the employees and workers are usually committed to a company that actually cares for them.