New or old, businesses of all types are at-risk of possible lawsuits and claims from unsatisfied customers, injured employees, or injuries to anyone that steps foot on your property, receives services from your company, or purchases your products. There are insurance products available that will help level the playing field, allowing you to concentrate on the business at hand.
What Is Business Insurance?
Insurance policies for business are a protection against the risk of liability and lawsuits from defective products, services, injury, or illness that can happen at your location, or from a designated location you are servicing.
Who Does It Cover?
Depending on the type of policy, you, employees and the general public are protected from faulty products, services, accidents, injuries, illness and other hazards that are unexpected, unplanned, or inherent risks in the nature of the tasks your business performs.
What Types of Insurance Are Available for Businesses?
The service industry can have a share of a pitfalls in regards to situations that bring about liability issues. Faulty equipment can damage property, or injure the public. Incorrect service and poor driving skills can lead to liability claims when accidents occur.
You do not want to be at risk for being sued for a defective product, especially if it is obtained through a third-party source.
This will make sure you are covered anytime a company vehicle is used.
Group Health Insurance
This is required to offer to employees if you have at least 50 that are considered full time.
This insurance reduces the risk of liability for injuries sustained anywhere on your business property.
Anytime your business has to close down for long periods of time it can bring financial ruin. This will help keep you in business.
This insurance is required to cover the medical expenses for employees that get hurt on the job.
How Does Insurance for Businesses Work?
Group health insurance is activated by any covered person as soon as they seek medical treatment. Other types of business-related insurance works on a claims basis. You will need to have the incidences documented and a claims adjuster will figure out what each party gets in response to the particular incident. All you have to do is pay the required premiums each month and meet the deductible amounts.
Benefits of Business Insurance
Lawsuits are not what any business owner wants to experience at any point in time. Insurance products for businesses will help create a hedge of protection against claims. It is well worth the small monetary investment. Providing good health insurance for employees helps with retention of excellent workers.
Contact an insurance expert to discuss all of your business needs today!