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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