What Insurance Does Your Business Need?
/Staying adequately insured can make the difference between life and death for many businesses. Depending on what kind of company you run, dozens of insurance policies could apply to your situation, each with its own set of pros and cons. Deciding what policies to get versus what policies to skip can be difficult, but the following three types of insurance are good places to start your research.
Liability Insurance
The first type of insurance to consider is liability coverage. There are many types of liability insurance, from general liability that covers someone slipping and falling in your store to liquor liability insurance that keeps your business safe from damage introduced by intoxicated customers.
If you run a small business selling handmade soaps, you probably won't need a liquor liability policy. However, having a product recall or general liability policy can keep you safe from day-to-day claims.
For more specialized businesses, there are equally intricate liability policies to match your needs. Rest assured, insurance retailers are able to serve unique businesses through the help of wholesalers like Novatae Risk Group. Shopping around for the right one may feel tedious, but you'll sleep better knowing your livelihood is properly covered.
Artisan Contractor Insurance
The next type of insurance to keep in mind is artisan contractor policies. If your business mainly works off-site with third parties, this type of insurance policy protects you from claims that come when you're working off your property.
For instance, if you run a plumbing business, you may have a storefront where you take orders and keep records, but that's not where you're spending most of your workday. The majority of your liability risk comes while you're on a third-party site, whether that's a customer's house or another business.
Artisan contractor policies protect you, your tools, and your work vehicles from liability claims while you're working away from your main office. Whether something gets stolen or you accidentally damage a tile in a client's bathroom, your insurance policy will have your back.
Employee Benefits Packages
The third type of insurance you need to consider as a business owner is the kind you provide for your employees. While legal stipulations require you to provide some form of health coverage for employees after a certain number of hours, many employers choose to do it from the outset.
Providing health benefits for your staff has multiple perks for you as an employer, from increased productivity to company longevity. However, not all company health policies are created equal. When you're shopping for benefits packages, there are several factors to consider.
Cost to you
Cost to employees
Accessibility of benefits
When you consider all these statistics, you can choose a benefits package that's right for you and your staff. Adding perks such as dental or vision coverage may cost more upfront, but the long-term advantages benefit your company. By weighing costs with outcomes in your decision-making process, you can choose the right employee insurance package for you.
Keeping your business insured is one of the most crucial factors to its success. With these three policy types in mind, you can breathe a little easier knowing you're adequately covered.
