As a small business owner, it will be up to you to make sure that your company is protected in every way possible. This means protecting the health, safety, and rights of you and your employees.
The best way to ensure that your start-up has the full protection it needs is to get outfitted with insurance. Here are the 4 essential types of insurance that every start-up should have.
- Workers Compensation
As the most basic workers’ safety insurance coverage, workers compensation will cover costs for employees who are hurt on the job. Not only that, but it will also provide coverage for their ambulance ride, emergency room fees, physical therapy, rehabilitation, as well as lost wages.
In the instance of an employee becoming injured on the job, their ability to work may also be halted. This is why workers compensation also provides payment for permanent disability coverage. These wages may pay them a bimonthly sum for when they are unable to work.
While this type of insurance mostly provides protections to employees, your start-up, and any business for that matter, should have workers’ comp coverage. It’s not only required by law, but it also can protect you in cases where the employee was at fault.
In the case of an accident or injury, you should also consider having a team of experienced attorneys. They can walk you through the details and what you need to do in case an employee files a workers comp claim.
- Commercial Property Insurance
Accidents are probable in numerous ways. From aesthetic damage or vandalism to extreme weather conditions, there are many things that put your property at risk. For those and many other scenarios, your small business should obtain commercial property insurance.
Commercial property insurance covers many aspects of the property and business itself. For example, in the instance that an employee misuses heavy equipment, your property and the safety of your employees can be covered.
If a large storm rolls through and causes structural damage, your property will be covered.
In any scenario where your entitlements have become compromised, commercial property insurance will have your back.
- Liability Insurance
For cases in which your business or employees cause injury or misrepresentation of a product to a customer, theirs and your negligence will be fully protected with liability insurance.
These claims can cover property damage, personal injury, and injury to a third party or workplace accidents. It protects your company and products/employees in case of harm done to a customer or their property.
Because the world of business can be a risk at any moment, it’s always best to ensure that your employees are doing their best to keep themselves and others safe. However, accidents do occur! Make sure you’re covered when they do.
- Vehicle Insurance
If your small business plans on using vehicles for everyday work-related tasks, you should consider acquiring vehicle insurance. This type of coverage protects your employees, cars, and even the products that you are transporting.
Because your vehicles will be operating under a small business title, you will have to consider getting commercial auto insurance coverage. The good news is that these deals offer more liability and damage protection for you and your employees.
The bottom line is that these insurances policies prepare and protect you for any and all unforeseeable events. That way, you and your business can get to the real work that needs doing and have peace of mind that accidents and safety protocols won’t pose a threat to the success of your start-up.