Adequate Insurance: List of Insurance Cover a Small Business Entrepreneur Requires




image credit: Project-Sherpa.eu
 All entrepreneurs are exposed to a certain level of risk. Hence it is important the entrepreneur does something to alleviate the risk. Failure to do this could be catastrophic to the entrepreneur and could spell doom even before the small breaks even.

 What can the entrepreneur do to avoid such a scenario? There are several insurance packages an entrepreneur can choose from to protect his business. Here are some of them.

1. Business interruption insurance.



There are times whyen a catastrophic event occurs. Such event has the capacity to disrupt your business. Not only does it disrupt the business, it can lead to loss of revenue. In order to prevent such a situation- it is important you take an insurance package that protects you from any loss you may suffer if a catastrophic event occurs.

 The Business Interruption insurance is available to those who have a physical office. Subscribers to this insurance package are compensated financially. This helps you avoid huge loss during a catastrophic event. You can check a local insurer for the best form of insurance to adopt.



2. Property insurance company



This insurance helps protect the entrepreneur’s properties such as furniture, equipment, inventory and signage’s in the event of fire, storm, or robbery. This coverage does not address issues related to major natural disaster such as earthquake.



An insurance coverage that addresses major natural disaster like flood and earthquake requires a separate policy.


3. Workers’ compensation insurance.



This policy can cover your employee medical treatment, disability and death benefit. As an organization it is important you incorporate this policy because slip and fall can occur even in a low risk environment. Without workers insurance claim you will most likely pay a hefty sum in the case of slip and fall injuries.


4. Product liability insurance.

A business that manufactures products for sale requires product liability insurance. The insurance helps protect you in case of law suits that may arise as a result of damages caused by a brand of your product. Product liability insurance will help your business stand firm in such a situation and hence is a type of insurance that your company should institute.


5. Vehicle insurance.



Vehicle insurance helps protect the fleet of cars or trucks used by your business. It protects your business against liability if an accident occurs. In instituting vehicle insurance ensure that third –party injury is covered. Encourage employees to take personal insurance as this covers employees if and when an accident occurs. However, an exception to the rule happens if the employee are delivering any good or service.


6. Home-based businesses.



A home based business is one you handle from the comfort of your home. In as much as it occurs from the comfort of your home, you need to ask your insurer what form of cover you should take. The insurance should cover your equipment and any inventory. Now you are aware there are different types of insurance cover your small business can adopt.

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