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From the day when an entrepreneur begins a business, he exposes himself to certain risks. Even before the first employee is hired, business is in danger, making it necessary to have the right insurance compulsory in place.
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7 IMPORTANT INSURANCES EVERY CORPORATE SHOULD HAVE
FASTCOLLAB
From the day when an entrepreneur begins a business, He exposes himself to certain risks. Even before the first employee is hired, business is in danger, making it necessary to have the right insurance compulsory in place.
• 1.Professional liability insurance: professional insurance that protects the professionals such as accountants, Lawyers and physicians against claims initiated by their clients.
• 2. property insurance: Whether the business owns or leases its space, property insurance is the must. This insurance covers equipment or materials, signage, inventory and furniture in the event of fire, storm, earthquake, theft or some other weather damage.
• 3. Workers’ compensation insurance: Workers’ compensation insurance is required to be added to the business insurance policy once the first employee is hired.
• 4. Group Health Insurance: Group Health Insurance plan is defines as an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both.
• 5. Product liability insurance: Product liability insurance protects against claims of personal injury or property damage caused by products sold or supplied through your business. It provides protection against financial loss resulting out of the legal liability incurred.
6. Vehicle insurance: Vehicle insurance is the insurance purchased for the cars, trucks, motorcycles, & other road vehicles. The particular terms of vehicle insurance alters with legal regulations in every region.
7. Business interruption insurance: Business interruption insurance is also called as business income insurance and covers the loss of revenue that the company suffers in a disaster.
