As a business owner, there are many different types of business insurance that you will need. Some of them are required by law, and others will simply help your business to stay protected all year round. Here are some of the key types of business insurance that you should have or consider having.
Premises Insurance
The place where your business operates from is a key component of the business as a whole. You can’t afford to put your premises at risk. There are too many risks out there for you to ignore this kind of insurance. It could get broken into, and things could get stolen. And then there is the risk to think about, not to mention the risk of flood or storm damage that could easily occur too. What would happen to your business if you can’t gain access to your place or work? Or if your tools and equipment went missing or got badly damage? It could potentially ruin the business, and it might not recover. But having insurance in place will allow you to get back on your feet much more quickly if the very worst did happen.
Public Liability Insurance
When you run a business, there is always a risk that you could be legally challenged by someone outside the business. This can happen, for example, someone gets injured when they’re on your property. This is what you are protected against if you take out a public liability insurance policy. Of course, you can still fight the case if you think that your business was not to blame for what happened. If you decide to do this, visit kwslegal.com.au and hire a lawyer. But if your business is at fault for someone else’s injury, having public liability insurance could save your skin. If you interact with the public regularly, it’s a good idea to have it.
Employer’s Liability Insurance
In most places in the world, not having employer’s liability insurance is against the law. This kind of insurance will make sure that you are covered if an employee is injured or becomes ill as a result of their job. If this happens to you, and they seek compensation from the company, this insurance policy will cover the cost. This means the business won’t have to take a big financial hit from the event. The insurance company will also be obliged to cover any legal costs that the companies incurs as a result of the compensation claim.
Professional Indemnity Insurance
Everyone makes mistakes; it’s part of being human, and there’s no way of getting away from this. But many companies work in consultancy, and that means they advise other companies and individuals. If the advice that you give to someone results in them losing out on cash, you could be held responsible. This is called professional indemnity, and if this applies to your business, you need to be insured against it. All companies that work in consultancy should have a professional indemnity insurance policy in place.
