When beginning a business, many industry
owners do not always have insurance coverage. Some can’t afford to insure their
company or their personal lives. When starting a company, big or small, you
should have coverage.
What kinds of coverage can you get for your
startup industry?
General
Liability
This insurance is a must for any company.
All businesses, big or small, even a home-based business, should have liability
coverage. This kind of policy protects you and the business from legal
ramifications.
If your business or its employees cause any
damages or injuries to a third party, you will be protected.
BOP
Insurance
A BOP is the company’s owner’s policy. This
policy is a package that includes all the insurance an industry owner might
need. You can change what insurance policies are included in the BOP.
These changes can be made based on what the
business needs. You can also save money. This bundle of policies usually costs
less than having individual policies.
Employee
Compensation Coverage
Workers compensation coverage can be
critical to the business and its employees. It provides insurance for those
workers who are injured while working. Workers compensation coverage replaces
wages and provides some money towards medical expenses.
Although for this insurance to take effect,
employees have to forgo the right to sue the business. Workers compensation
both protects the employees of the company and the company itself.
Every company must have an employee
compensation policy. The future problems of not having this kind of insurance
can be severe.
Professional
Liability Policy
General liability does not provide the
coverage that this insurance policy offers. This policy protects against
failure to render proper professional services to clients.
Professional
liability coverage can cover any professional firm. Professional firms can
include law firms, insurance agents, accountants, and so on. It does not
apply to property stored at storage use as Go Mini’s.
To
Sum It All Up
The types of insurance you can get for your
business are many. There may be too many to choose from. How do you know what
policies to get for your startup company?
The day you start your business, you are exposed
to all kinds of risks. These risks can easily be taken care of with these
policies. Unfortunately, some businesses do not know what insurance is needed
for the company. Startup owners need to take time to investigate this issue and
make smart choices.