Shielding Your Crew with Work Comp Insurance

Every employee who joins a company is entitled to various small business insurance packages, with work compensation insurance being one of them. You might say that nothing will happen to your people on your watch but it still pays to be sure and to learn the intricacies of work comp insurance.

Learning Your Small Business Insurance Options

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.