Types Of Business Insurance
Insurance helps businesses recover from perils such as fires, theft or flooding. You will need several insurance covers to protect your business. Below is an extract detailing some business insurance covers to consider.
Workers Compensation Insurance
Workers compensation insurance covers your permanent, casual and seasonal employees. All employers must have this coverage in Australia. The cover compensates employees who suffer injuries when working at your business premises. For instance, an employee exposed to dangerous fumes could suffer chronic lung diseases. In this case, they could file a personal injury claim in the millions. Workers compensation insurance protects your business from such claims, which have the potential to bankrupt your company or ruin your image. Most workers compensation covers have strict criteria detailing who qualifies for compensation. For instance, the claimant must be an employee, not an owner or shareholder. Moreover, they must be injured while performing their designated duties.
Public Liability Insurance
Public liability insurance safeguards your business from injury and property damage claims made by third parties (people who are not employees or business owners). For instance, a client visiting your premises could suffer injuries if an elevator develops defects. Although this cover is not mandatory, it helps increase clients' confidence when visiting your business premises. Moreover, it protects your business from ugly injury suits that could ruin your brand image when made public.
Auto Insurance
Commercial auto insurance covers your company's vehicles. The general rule is to consider comprehensive coverage that covers the driver, car and third parties. This way, you do not incur vehicle repair costs in case of an accident. You should also consider add-ons. For example, you could cover the vehicle from damages resulting from political unrest. Moreover, you could consider courtesy cars. This way, your business operations do not stop when a vehicle is under repair. Always examine the insurance company offering commercial auto insurance. For instance, check the accredited garages to know whether they have the competence to repair the vehicles in case of an accident.
Professional Liability Insurance
Are you in the service business? For instance, you could be a surveyor, conveyancer, lawyer or doctor. If this is the case, consider professional liability insurance. You are likely to make errors as you offer services. For instance, a lawyer could unknowingly misadvise their client, while a conveyancer could forego a building inspection since they trust the seller's word. In both cases, the clients could sue you for negligence if they suffer losses. A professional liability cover compensates clients that sue you for errors and omissions.
