Whether you’re running a small business or a large corporation, you need to have a risk management tool in place to protect your business investments and finances. With just a small premium each month, you’ll be able to keep your assets in place and your business open for business without any delays. It’s imperative that you have a plan in place for fire, theft, disasters, legal liabilities, employee death and disability claims, and other events that may disrupt business operations which can impact your bottom line. Insurance is an investment in the unknown future and protects your financial assets as well as your peace of mind. Let’s take a look at some of the types of losses that can happen to your company.
Business insurance is an investment in the financial security of your company
- 1. Property losses can impact your business in a negative way if you don’t have insurance. Property damage can be the result of criminal activity, theft, physical damage, or from a circumstance that is beyond your control. Your property damage cover can include fraud, embezzlement, and forgery by your staff members as well as the usual damage most closely associated with property damage. Make sure that you have a comprehensive policy and discuss it at length with your insurance provider so that you’ll be fully aware of the cover that you have.
- 2. Make sure that you have adequate legal liability insurance in your cover. You’ll want both general and product liability so that you’ll be covered with claims relating to injuries and services and/or merchandise that is defective. Again, it’s very important to discuss with your specialist the individual policy that you need and how you can be impacted if you elect to not take this aspect of cover.
- 3. You will need workers’ compensation for your employees. If you or an employee is injured you should have a provision for pay-out based on the limit that you request from your provider. Your provider will help you to set this aspect of your cover so that your employees can regain their abilities and take care of their family as they are accustomed to doing.
- 4. Inquire about money cover, products in transit, machinery and electronic equipment. All of these assets of your company can be impacted by accidents or mishandling which can harm your reputation unless you have protection in place to keep things running smoothly, replaced quickly, and repaired efficiently. As you know, in business time is money, and if your equipment is not working up to its optimum level your profits are not going to be what you expected and planned for them to be.
When meeting with your business insurance professional use his experience and wisdom to help you recognize risks that can impact your company. He should be a forward thinking specialist that works diligently to help you put a plan in place that will protect your assets, keeping your company working to its capacity, and your employees protected in case of unforeseen accidents. It’s imperative to have a tool in your risk management toolkit so that your company will experience no down time or costly delays in production from staff or equipment.
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