Learn about 5 key insurance policies that you should take out for your company today.
- Errors and Omissions (E&O) – Professional Liability Insurance (E&O)
- Commercial Property – Commercial Property Insurance
- Business Interruption – Business interruption insurance
- Workers’ Compensation – Insurance against work accidents
- General Liability – General Civil Liability Insurance
1. Errors and Omissions (E&O) – Professional Liability Insurance (E&O):
Professional liability insurance, also known as errors and omissions (E&O) insurance, covers your company against negligence claims for damages resulting from errors or failures in performance.
There is no single policy for professional liability insurance. Each industry has its own set of concerns that will be addressed in a custom policy written for a company.
2. Commercial Property – Commercial Property Insurance:
It doesn’t matter if the business is in rented or owned premises: property insurance is essential.
This insurance covers equipment, signage, inventory, and furniture in the event of fire, storm, or theft.
However, this policy does not cover events of mass destruction such as floods, earthquakes, and hurricanes. If you settle in a region with this type of risk, look for a specific policy for these events.
3. Business interruption – Business interruption insurance:
Many companies regretted not having contracted this type of insurance when the closures (lockdowns) due to the pandemic began.
This insurance is designed for situations caused by catastrophes or catastrophic events and when the company’s operations are interrupted by force majeure.
During this time, your company will suffer lost revenue due to the inability of your team to work in the office, manufacture products, or hold sales meetings.
This type of insurance is especially applicable to companies that need a physical location to do business, such as retail stores, restaurants, and factories.
Business interruption insurance compensates a company for lost revenue during these events.
4. Workers’ compensation – Insurance against work accidents:
Along with the arrival of your first employee, the contracting of a Work Accident Insurance policy must come.
This insurance will cover medical treatment, disability benefits, and death if an employee is injured or dies as a result of their work at your company.
Even if your employees’ work is seemingly low-risk, slip-and-fall injuries or medical conditions, such as carpal tunnel syndrome, can result in costly settlements.
And you don’t want to lose what you’ve built in a lawsuit, right? Protect your dream!
5. General Liability – General Civil Liability Insurance:
General Liability insurance helps protect your company against claims for bodily injury and property damage.
These types of claims can arise at any time during the day-to-day operation of your business and do not depend solely on your actions. A sprain caused by a slip and fall at the entrance to your store, without coverage, you will probably have to pay out of your own pocket!
General liability insurance helps you cover the costs of responding to a claim that your business caused property damage or bodily injury.
You can help pay:
- Medical expenses of the customer who was injured in your establishment
- Repair costs for a wall that your employee accidentally damaged while working on a client’s home
- Legal costs to defend your business in court
- Damage to reputation arising from malicious accusations, slander, defamation, illegal eviction, violation of a person’s privacy, etc.
- Advertising injuries, such as copyright infringement of your company’s ads
- Damage to rental property caused by a covered loss, such as fire, lightning, or explosion.
FREEDOM GES
122 N Military Trail suite f, West Palm Beach, FL 33415
info@freedomges.com
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