A stable insurance policy will help your business navigate rough waters without facing financial troubles. Generally, the purchase of a small suite of pre-defined policies is preferable for a business depending on its size and customers.
Here, I shall list down all the critical insurance schemes that you need to purchase when you are the owner of a small-scale business.
Business Property Insurance
The property insurance policy protects the various property assets of your company. Unlike a conventional property insurance which protects only one piece of property, this insurance schemes creates a financial umbrella for all the different properties belonging to the company. The list of properties protected include factories, office space, rented lands, etc. against various threats like fire, theft, natural calamities, etc.
Worker’s Compensation Insurance
This insurance policy is a must if you own a business that operates heavy machinery on a regular basis. When your employees deal with various heavy machinery, there are chances that the machine harms the person due to some mechanical or human fault. Under such case, the worker’s compensation insurance policy takes care of the regular wages that you need to provide the worker even when he/she isn’t working due to the physical injury. In exchange for this wage compensation, the employee gives up his/her right to file a lawsuit against the company.
Business Owner’s Policy
A business owner’s policy is a large insurance policy that provides the added benefits of one or more of the listed insurance schemes. Generally, the business owner’s policy provides a financial cover via crime insurance, vehicle coverage, liability insurance, etc. schemes. The best part about the business owner’s policy is that you can choose various add-ons for the policy that gives additional protection to your company’s assets.
General Liability Insurance
It is crucial for a business owner to purchase the general liability insurance to protect his/her company against a lawsuit. A strong lawsuit against your business can essentially ruin you’re personal as well as business finances. The liability insurance policy provides a financial cover for any lawsuits against the company filed due to physical damage, carried out by the company in one or the other way.
Data Breach Insurance
The data breach insurance is an insurance policy that serves the data protection needs of an IT company. This insurance policy protects you against misuse, hack or loss of data in case your company deals with one or the other form of data storage. The data breach insurance makes sure that you can rebuild your IT infrastructure after an attack, without spending a single penny out of your pocket.
The homeowner’s insurance policy is purchased by people who run their business operations from their home. This comprehensive insurance policy protects financial losses occurred due to physical damage to the house’s base structure or the assets within the house. However, you might be asked to furnish the necessary bills for claiming the insurance sum for the assets in the house.
Purchase of these critical insurance schemes will keep creating a suite of policies that help you stay financially afloat in terms of crisis. The best of these insurance schemes will help you make cashless and paperless claims within a time as short as 24 hours.