5 Insurance Must-Haves To Bulletproof Your Business – The unexpected can sideline any business, from financial losses to product defects, data breaches, and work-related accidents. These issues can force companies to close their doors if they are not prepared.
What you may find shocking is that many small business owners don’t carry insurance. In fact, it’s suggested that 44% of companies in operation for at least twelve months have never taken out an insurance policy. To protect your landscaping business from the unexpected, you can obtain some types of insurance plans for landscaping that will minimize your risk.
1. General Liability Insurance
5 Insurance Must-Haves To Bulletproof Your Business – General liability insurance protects your company from various potential claims by a third party. These include property damage, bodily injury, and defamation. In addition, this type of insurance covers the cost of your legal defense and settlement bonds and judgments. However, general liability insurance does not cover against damage to a business premises or negligence. Therefore, every company should have this insurance in place.
2. Commercial Property Insurance
5 Insurance Must-Haves To Bulletproof Your Business – If you have a business property, commercial property insurance covers you. Should a storm, fire, or vandalism impact your company, you may encounter damage or loss of valuable machinery, equipment, or inventory. If you take out commercial property insurance, your policy can reimburse you for such losses. If your company is situated in a high-risk area, like near a coastline, you may need to obtain extra coverage for flood and windstorm insurance.
3. Product Liability Insurance
5 Insurance Must-Haves To Bulletproof Your Business – If you produce, sell, or circulate a product that causes an injury, the injured party may sue you under product liability laws. This happens when a seller or manufacturer puts a defective product onto the market and into the hands of the consumer. For example, the injury could be down to a design flaw or a problem within the manufacturing process. Should you be held responsible for causing an injury, this kind of liability coverage protects you.
4. Workers’ Compensation Insurance
5 Insurance Must-Haves To Bulletproof Your Business – For businesses that employ others, most states require them to have workers comp insurance. Should an employee get injured while at the workplace, workers comp insurance pays medical expenses and provides income to cover loss of earnings. Furthermore, workers comp insurance provides benefits for staff members who have sustained a permanent disability at work.
5. Cyber Insurance
5 Insurance Must-Haves To Bulletproof Your Business – If you operate an online business, cyber thieves always worry about attacking your network and stealing confidential data. For small businesses especially, a cyber-attack can have catastrophic consequences and could see you put out of business. Cyber insurance policies cover indemnity for customer damages, investigation costs, and legal fees. If your business is disrupted by a data breach, your insurance company can help cover lost revenue. You can get extra coverage if you manage a home-based business too. It makes sense to take out cyber liability insurance as the immediate costs of an attack can be significant.
When you run your own business, there are many risks and threats that can jeopardize your operation and be costly. To keep you protected, taking out any (or all) of the insurance policies above is necessary.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
