Small
businesses rarely have the financial leeway present in larger
outfits. You only have a few employees to work with, and you need to
be innovative in bringing in a good share of customers. Even when
your operational resources are of modest size at the moment, you must
have several bases covered to protect your team. A small business
insurance policy will have a number of internal components.
Liability
insurance is meant to protect your employees and
products/services from third-party liabilities, such as personal
injury or property damage. A liability insurance policy works by
shouldering legal fees during liability cases. Property insurance
will cover the cost of all your assets should they be destroyed by
external forces such as fire or vandalism.
Worker
compensation insurance will be geared towards your employees’
expenses if they are sidelined by injuries during business hours. At
the same time, the employees themselves should be guided on taking
out a life insurance policy to ease financial burden on loved ones
after passing on.
If
you’ve purchased a vehicle for official duties, you must have it
covered by company auto insurance to cover for expenses from damage
and collision repairs. A derivative called non-owned auto liability
is for employees’ personal vehicles that they use on work-related
tasks.
Insurance
does take some money out of your business’ overall earnings. Look
on the bright side, though: it helps safeguard your business and
employees under insurance will be more confident about working for
you.
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