Business insurance protects your firm from different risks every day. This insurance protects your financial assets, physical properties, and intellectual properties from lawsuits, property damage, vandalism, theft, loss of income, employee injuries, and employee illnesses. The coverage thereby protects your investment and hard work in case of a risk. Therefore, the best point to start is to talk to your insurer or their agents. The agent performs a risk assessment and recommends the best way to address every risk in your business.
Businesses depend on other parties for continued operation, such as customers and suppliers. Unfortunately, these members of the public may come to harm due to their association with a company. For instance, a customer could be injured within a commercial building. If this happens, the company will be held liable for the injuries and other losses.
The legal and financial implications of this type of incident can be overwhelming. Luckily, you can protect your growing business from crippling losses by investing in public liability insurance.
As a growing property investor, you may have just closed on a large, multi-unit development and are in the process of setting everything up so you can welcome your first occupants. You will undoubtedly put in place a strata management team to deal with all the varied issues that will inevitably arise and will need to appoint a resident unit manager to be the principal link on the ground. This is a challenging task by itself, and you will certainly need to appoint somebody who is very competent.
Some inexperienced contractors may think that their contractor general liability insurance covers all the likely risks that they may face in their work. Such contractors may not know that they may need riders or separate policies for certain risks that could have been excluded from the general liability coverage. This article discusses some of the additional risks for which you may need additional business insurance coverage.
Protective Professional Indemnity
It is wise for you to acquire some form of protective professional indemnity.
Proper insurance is essential for your business because it provides financial and legal protection against potential risks. The types of covers which you will require for your company will depend on the pertinent type of business, size of company and even the industry. One of the most important forms of insurance is workers' compensation. This insurance will provide financial cover for medical bills and even lost wages for the employees if they sustain injuries or contract diseases when performing company work.