Business insurance is meant to guard businesses against losses due to events that may happen during the regular course of business<\/b>. Some of these losses include property damage, legal battles and employee-oriented risks.<\/p>\n\n\n\n
While it is important to have a business insurance in place for your firm, we want to bring your mind to 5 key areas you need to look into when you want to insure your business.<\/p>\n\n\n\n
First and foremost, one thing that must be taken into consideration when getting a business insurance is your employees. In fact, every business owner is bonded by law to put in place the employers’ liability insurance.<\/p>\n\n\n\n
This is to ensure that in the event of misfortunes such as accident, sickness or injury suffered by the employee as a result of their work can be taken care of. This can go along way to make the employees more committed to their work, they’ll give out their all — knowing that they are protected by insurance. This also gives you the employer some sort of peace of mind.<\/p>\n\n\n\n
Furthermore, it is important for you to note that it is not only good for you to get your business insured. You must also publicly display an evidence of it at your work place, where it will be visible to your employers. If you do not do so, you may incur a fine and this fine will increase each day you do not have the policy displayed. If your business is going through a time of change and you’re expanding, there’s a lot of advice to help you regarding your obligations as an employer if you’re taking new employees.<\/p>\n\n\n\n\n\n\n\n
Another key area worth consideration is your public liability insurance. The public liability insurance is not like the Employers’ liability insurance, because, it is not a legal requirement for a vast majority of businesses.<\/p>\n\n\n\n
However, it is worth knowing that although it isn’t a requirement, there are a lot of benefits that come with getting a public liability insurance. Hence, it is something that you must consider.<\/p>\n\n\n\n
The questions you need to ask yourself is, does your business come into contact with the public? Do customers visit your business premises such as your shop, garage, hairdressers, salon or caf\u00e9 throughout the day? Also, are you out and about visiting your customer’s homes and providing services to them? If the answer to all these questions is positive, then public liability insurance would help you to a very large extent.<\/p>\n\n\n\n
Let us look at some of the benefits you stand to gain if you get one in place.<\/p>\n\n\n\n
First and foremost, the public liability would serve as a protection if your business is held responsible for the sickness, death, injury or the damage of property. of one of your customers or any other member of the public. Commonly, expenses such as compensation and other associated costs such as medical bills, repairs, disruption to business or income loss can be sorted by the public liability insurance.<\/p>\n\n\n\n
Some business owners have the mentality that nothing bad would happen to their customers — but the fact is you cannot tell. So you better get prepared for it than be sorry. This would help you in the long run.<\/p>\n\n\n\n
Additionally, public liability insurance gives your customers confidence in your business. It gives them reassurance to trust you more because it tells them that you care so much about their welfare. They see you as a responsible business owner. Again, it is well noting that such insurance is a requirement to join key trade organisations, associations or websites.<\/p>\n\n\n\n
Again, the public liability insurance is often a requirement if you want to meet certain industry standards. These standards are what customers first look at before patronising your business. SO when this insurance is not in place, just know that you may lose that customer. Hence, putting such an insurance in place can help raise your company’s profile in the face of potential customers.<\/p>\n\n\n\n
Furthermore, it is the desire of every company to grow and make more money. More money and growth means securing big contracts worth millions of dollars. Many a time, before your company gets assigned to some heavily budgeted contracts, public liability insurance is one key thing they consider. Therefore, having it gives you a better competitive edge. Should you wait for news of that big contract before you start running helter-skelter to get a public liability insurance? No! So this should tell you why you should get it into place — ‘the early bird catches the worm’ as that old adage says.<\/p>\n\n\n\n
Getting this insurance will give both you and your customers confidence and help you to grow your business.<\/p>\n\n\n\n\n\n\n\n
Product liability insurance is necessary for businesses that distribute or sell products. In events when a customer gets harmed through the use of your products, this would help as a means of protection. Hence, whether you are a retailer or wholesaler, this would help protect you should anything go wrong, especially if you are a small business. There are exceptions to manufacturers, because this insurance may not cover you for all eventualities. Therefore, it is very important to check that your main insurance covers you for such things as defects or mislabelling during the manufacturing process.<\/p>\n\n\n\n
You must make sure insurance cover all your vehicles if your business has one ore more company cars or a fleet of vehicles. Insuring these vehicles is likely to be a key cost for your business so consider it carefully. Vehicle insurance can be very helpful especially if you have a number of drivers using a variety of vehicles, you could insure them all under the same policy.<\/p>\n\n\n\n
One important thing worth noting is, in order to do this, you need to find the right policy for your company. Therefore, it is necessary to consult an experienced insurance advisor.<\/p>\n\n\n\n\n\n\n\n
This form of insurance is also called Professional liability insurance<\/strong>. This type of insurance protects professionals against his liability to third parties incurred whiled engaged in his or her profession. For example, a patient instituting a claim against a Medical Officer who negligently prescribed a wrong drug to him.<\/p>\n\n\n\n This insurance is highly needed for many businesses especially those in accounting, law, and medical fields. It provides coverage in case a patient or any third-party claims injury, harm, death or financial loss due to the insured medical practitioner’s service, consultation or advice and can also protect doctors from any libel or slander.<\/p>\n\n\n\n If you are a business that operates in any of the afore-mentioned industries, you need to get the Professional liability insurance so that when the worse happens, you can be protected.<\/p>\n\n\n\n All the above are the five key areas you need to consider when looking at taking out a business insurance. Your employees, products, vehicles and professional indemnity are key parts of your business. Making sure you have insurance coverage in all these key parts put you and your customers at an advantage. It also helps when it comes to the growth of your business. And having them gives you a high competitive advantage over other competitors in business with you. And most importantly, it gives you peace of mind!<\/p>\n\n\n\n What do you think about all these? Please let us know in the comment box below!<\/p>\n","protected":false},"excerpt":{"rendered":" Business insurance is meant to guard businesses against losses due to events that may happen during the regular course of business. Some of these losses include property damage, legal battles and employee-oriented risks. While it is important to have a business insurance in place for your firm, we want to bring your mind to 5 […] More<\/a><\/p>\n","protected":false},"author":1,"featured_media":70,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[8],"tags":[],"reaction":[],"adace-sponsor":[],"jetpack_featured_media_url":"https:\/\/orekodo.net\/wp-content\/uploads\/2021\/11\/business-insurance.jpeg","wps_subtitle":"","_links":{"self":[{"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/posts\/68"}],"collection":[{"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/comments?post=68"}],"version-history":[{"count":0,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/posts\/68\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/media\/70"}],"wp:attachment":[{"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/media?parent=68"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/categories?post=68"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/tags?post=68"},{"taxonomy":"reaction","embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/reaction?post=68"},{"taxonomy":"adace-sponsor","embeddable":true,"href":"https:\/\/orekodo.net\/wp-json\/wp\/v2\/adace-sponsor?post=68"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Conclusion<\/h3>\n\n\n\n