Thursday, 23 June 2016

The Types of Business Insurance Your Business Needs

Businesses face several kinds of risks from the first day, all through its existence, to its last. These risks are no respecter of the size of business. For this reason, business owners have to be equipped with the right insurance policies. Insurance experts at Greater National Group have listed top insurance policies every business ought to have.

Professional Liability Insurance

This type of insurance is industry specific and may differ from one industry to another. This policy protects businesses from claims as a result of negligence or mistakes. The policy is also known as Errors & Omission Insurance.

Product Liability Insurance

This is a must for any business in the manufacturing sector. This insurance protects the business from law suits filed as a result of a damage caused by one of its products. No matter the level of quality tests undertaken, there is always a possibility of having faulty products released to the public.

Property Insurance

The importance of this cannot be overemphasized. Whether the business property is on lease or owned, it's always wise to get it insured. It usually covers things like the building, equipment, furniture, inventory, and all physical assets.

Worker's Compensation Insurance

Since business requires workers, then this is a must for all businesses. The insurance would take care of medical treatment and other worker's benefits.

Other insurances business owners should consider having includes Vehicle insurance, business interruption insurance, Business Owner Policy, and home base business insurance for small businesses.

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