What Insurance Should My Business Have?
When you run a business, whether it is small or large, it is highly important to have insurance. Being properly insured is one of the most important things about having a business because if you’re not, you could stand to lose everything you’ve worked hard for. But do you actually know what insurance you need?
We know one thing for sure. Finding the right insurance is a crucial part of keeping your business running and managing the risks that are associated with operating your business.
Product Liability Insurance
Realistically, at some point, you will have a faulty product. There is no way that every single one of your products will be absolutely fantastic, but that is okay! As long as 99% of your products live up to the standards then the 1% that don’t are quite acceptable, because that is the reason, we have product liability insurance.
If something goes wrong with one of your products, that is where product liability insurance comes in. Product liability insurance protects you if you have faulty products that aren’t as described.
You never want to lose something that you’ve worked hard for, but if somebody is harmed/injured because of something you’ve sold, that is exactly what could happen. Luckily, product liability insurance is set to cover you if that was to happen.
Workers Compensation Insurance
Perhaps one of the most important insurances to have is workers compensation insurance. Workers compensation insurance is a type of insurance that is put in place in case of injury in the workplace.
If a worker that is employed by you is to obtains an injury/disease while working, workers compensation insurance may provide them with weekly payments to cover the loss they will take while they are unable to work.
If you do not have workers compensation insurance or you refuse to comply with the insurance obligations, for example:
- Wanting your employee to return to work prematurely
- Refusing to lodge compensation claims
- Refusing to pay
You may end up hearing from a workers compensation attorney.
You will need to have property insurance if you have purchased property for your business. Whether you lease the space or own it, you need property insurance to make sure that everything is protected in case it is stolen. Usually, property insurance will cover all of the things you use, but at the very least it will cover:
Public Liability Insurance
Whether your business is home-based or out and about, it is a good idea to consider public liability insurance. This insurance protects both you and your employees in case any of your products were to cause property damage or bodily harm. Both your defence cost and your compensation cost will be completely covered by your public liability insurance should something go wrong.
If you don’t have the correct level of cover for your business, you could face thousands of dollars (or more) with a claim which is sometimes enough to shut your whole business down.
It is always a wise idea to consider insuring your liabilities, your assets, and your revenue.