Business Insurance – Types and Importance
Nothing in a business environment is free from risks. Loss of assets, bankruptcy, natural disasters, and even terrorism are all significant factors that can wreak havoc on your business. Thus, get in touch with an insurance agency to assess your business and different insurance policies so that unexpected events do not stop your business operations. Here are 5 types of business insurance products you must have in place as early as possible:
1.General Liability Insurance
Businesses of all size and nature, even if home-based, should have liability insurance. This type of business insurance provides defense as well as damages when you, your employees or any of your product or service cause, or are alleged to cause physical injury or property damage to a third person.
2.Worker's compensation
This policy provides insurance benefits to your employees who suffer injuries on the job. The benefits typically include wage replacement and medical care to the employees who got injured while working. The employees lose their right to sue you for the incident in exchange for these benefits. Even when employees are performing a low-risk activity, slip-and-fall injuries or medical conditions like carpal tunnel syndrome (CTS) could result in a costly claim. In Ohio this isn’t sold through an agency but the state of Ohio.
3.Property Insurance
Whether your business owns or leases its space, it must have property insurance that covers equipment, inventory, furniture, and signage in case of a fire, theft or storm.
4.Personal/Commercial Car Insurance
This, not only protects against both - physical damage and bodily injuries due to a car crash, but also against any liability resulting from the collision. Likewise, commercial auto insurance covers all vehicles (cars, vans, trucks, and other automobiles) with the same benefits.
5.Professional Liability Insurance
This type of business insurance is widely known as Errors and Omissions Insurance that provides defense and damages for rendering services lacking professional standards and ethics. For instance, a nurse mistakenly feeds wrong medicine to a patient. It is typically applicable to professional firms and individuals, including lawyers, consultants, accountants, insurance agents, hair salons, doctors, and technical service providers to name a few.
Final Note
Businesses in Wooster, Ohio should approach a reputable Wooster insurance agency to get the best advice on business insurance for their particular set-up.
