The Three Types Of Insurance Every Single Business Needs
When a ship begins to sink, the first thought that comes to the passengers’ minds is to find the life jackets and swim for safety. The life jackets on the ship might have been sitting in their cupboard for thirty years, unused – but when disaster strikes, the life jacket is the turning point between staying alive and drowning at sea. Well, the same goes for business insurance. Ideally, nobody would ever need to claim on their insurance, because if they do claim, it means something bad has happened. You might feel like insurance is a waste of money – and it often feels like it. But when the unexpected happens, you’ll feel the immense relief that your insurance company has your back.
If you run a business, you will probably have looked into insurance and thought about possible risks. Depending on the type of business you run, the risks will be different; if you run a construction company, the risk to your employees’ physical safety is much higher, due to their use of dangerous equipment and working at heights. If you run a finance firm, your biggest risk will likely be cybersecurity. Whatever your highest risks, being prepared for the worst is essential. So what type of insurance does your business need?
- Public Liability Insurance
Public liability insurance covers accidents and injuries that happen to a non-company member in your company’s space. This could be a customer in a store or restaurant or a friend who stops by to visit. If someone suffers an injury on your company property, without public liability insurance, you can easily be sued. Having this insurance in place assures that you and/or the victim of the injury is compensated accordingly, and can prevent devastating consequences for you and your business. Insurance companies such as Rhino Trade Insurance offer reliable insurance policies for all types of businesses.
- Employers’ Liability Insurance
This is similar to public liability insurance but it applies to employees who work for your business, not members of the general public. In many countries, it is illegal to operate with employees, even if you only employ one other person, without employers’ liability insurance. This type of insurance covers any accidents, injuries or assaults that your employers experience on company property. Without it, you would be liable to cover the cost of damages to the employee who suffers the injury, and could face criminal charges.
- Building and Contents Insurance
This is essential insurance for any business. Buildings insurance covers damages to your building itself such as fire, water damage, rodent damage or vandalism; contents insurance covers the actual belongings inside the building such as stock, money, equipment or furniture. Every business owner hopes and prays they will never need this insurance, but that is why it is essential you have it. Without it, if there is a break-in or disastrous damage to your business property, you are left to cover the costs alone.
