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As an employer and business owner, you must educate yourself on these and take all the means necessary to make sure your employees, more so your business, are taken care of.
Though it may be tempting to just acquire a minimum plan as required by the law, it is a far wiser bet to get adequate insurance that is fitting for your business.
Better safe than sorry! Types of insurance cover; Listed below are some of the most commonly needed cover plans: Employer's Liability: -The employer's liability provides cover for employees who claim to have sustained bodily injuries, illnesses or diseases during the course of their employment.
Public Liability: - The public liability provides financial backing for members of the public who claim to have sustained bodily injury, illness or disease within the property in connection to your business.
Product Liability: - If your business is one that supplies products to the general public, it is your duty to ensure its safety.
Failure to do so would have you facing legal action.
It is part of your legal liability to pay damages made by a faulty product.
The end result may be you getting sued by people who acquired injury or whose property acquired damage from your goods.
Professional Indemnity: - Professional indemnity provides cover from legal action by clients who believe to have received questionable and negligent services and had to suffer loss due to this.
Business Interruption: - Any slight damage to your property may prove to disturb the 'goings-on' of your business and may lead to a severe loss of income.
Extra expenses for the recuperation of whatever has been damaged may also be in the picture.
The business interruption insurance will compensate for the damage in cash flow and loss in gross profit.
Goods In Transit: - This provides cover for products damaged while in your vehicle or carrier.
Property and Building: - It is near impossible to prevent fires, flooding, lightning, gas explosions and the like from happening.
What you can do, though, is make sure that should any of those unfortunate situations take place, you and your business are ready.
There are many types of property and building insurance, as one cannot cover all.
For example, the fire insurance policy would only cover damages caused by a fire.
A flood is not a fire, so damages acquired from flooding would not be covered.
Business Assets and Equipment: - Insuring the costing price of your stock without profit.
Health Insurance: - For the benefit of your employees and those under your eye (including yourself), a good health plan will prove helpful to your business.
Life and Disability: - The life and disability business insurance will protect the business against a sudden disability or the death of key employees.
This enables a stockholder to buy out the shares of the deceased partner/ employee, therefore ensuring the monetary safety of the business.
These are only some examples of the different types of business insurance cover that may ensure a long life for your growing venture.
Take the time to mull over these, discover what's good for your business and start securing your business's future.
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