Different Insurance Plans That Can Help Your Business
You're exposed to various risks from the day you start your business. Even before you hire your first employee, your business is at stake, so insurance is vital.
According to Policy Advice, about 9.5% of Americans didn't have insurance in 2018, leading to overwhelming health care costs in the event of emergencies. There are numerous types of insurance plans out there that you can get. Insurance helps you shield your business against risks that can arise during day-to-day operations. So, which insurance plans can help your business?
Auto or Vehicle Insurance
If your business has vehicles, one of the insurance plans you should get is auto insurance to shield you against liability should accidents happen. At the very least, you should investigate third-party auto insurance. However, comprehensive coverage can be a better choice because it covers the vehicle, driver, and any third parties involved.
Commercial Umbrella Insurance
Commercial umbrella insurance is an insurance plan that exceeds the coverage restrictions of some of your business insurance plans. Therefore, if a claim exceeds the limits of your policy, this plan will cover the difference.
GLI (General Liability Insurance)
GLI helps shield your business from claims that it caused:
Bodily harm
Personal injuries such as defamation or slander
Property damage
PLI (Professional Liability Insurance)
Also known as EandO (errors and omissions) insurance, PL insurance shields your business against negligence claims due to injury from errors or failure to perform. Note that there is no one-size-fits-all EandO insurance; each business sector has its own set of risks that a bespoke insurance plan can address.
Workers' Compensation Insurance
Worker's compensation insurance helps your employees if they are injured or develop sickness from working. This insurance plan can:
Pay for their medical bills, including physical therapy
Cover funeral expenses in case of loss of life
Cover lost wages during the recuperation period
Most US states require a business with employees to have workers' compensation insurance. You can face criminal charges or fines if you don't comply with your state's requirements.
As a business owner, having the appropriate insurance plans can help you avoid significant financial losses as a result of catastrophic events or lawsuits. Reach out to Benefits Analysis Corporation to learn more about policies that you could benefit from.