Hi, my name is Karen. Every quarter, I review all of my insurance plans and get multiple quotes to make sure I am still getting the best deals and services. Seriously, my family laughs at me for this obsession. However, in reviewing our policies so many times, I have learned a lot abut insurance. I decided that I wanted to share that information so I started this blog. In particular, I want to help people who are newbies to the world of insurance. If you are a teen driver, a new homeowner or anyone else buying a policy for the first time, this blog is devoted to you. Please read and enjoy!
Every business has inherent risks that entrepreneurs must consider when they launch operations. Business insurance can safeguard your company against several scenarios that might prove costly such as liability cases and damage to property. Finding the right cover will set a businessperson on a sound economic footing from the get-go. Here are four types of business insurance that every startup company must know.
Commercial Property Insurance -- Physical property such as equipment, machinery, furniture, inventory, and buildings are susceptible to damage. Since the property is a considerable investment, a shrewd startup must cover such assets against eventualities such as vandalism, fire, and acts of God. Consider choosing a policy that will cover lost revenue as a result of damage to the property. Note that you might pay higher premiums if you want to insure against loss by an act of God.
Workers Compensation -- It is a requirement for all employers to provide workers compensation plan in Australia. The insurance covers cases of workplace injuries or medical aspects. The insurance also covers death benefits and disability resulting from activities at the workplace. Many startups, especially those in the low-risk environment, overlook workers compensation, yet hazards such as slippery floors can cause serious compensation challenges to an uninsured startup firm.
General Liability Insurance -- Sometimes, your organisation can be slapped with lawsuits stemming from various issues, including damage to third party property or injury claims. Furthermore, your company can find itself battling reputation harm concerning problems like slander and breach of employee rights. Besides, when allegations of infringing on copyright arise, you might have to foot the legal bill. General liability insurance takes care of legal costs in case a matter ends up in court. Therefore, the type of insurance covers a range of liabilities that any business might encounter in the course of its operation with either its employees, third-party agents, or the public.
Commercial Auto Insurance -- Even if your new business has two vehicles, you have to take auto insurance to cover medical expenses, fatality payouts and property damage if investigations show that your car was at fault. The coverage will also bear the cost of repairing the commercial vehicle in question. Auto insurance is not only for companies that own cars but also for enterprises that lease or rent. For an extra premium, some insurers will provide coverage for employees to cater for any deficits due to accidents caused by staff.Share
18 January 2018