A good business is characterized by its ability to stay prepared for the unforeseen risks, which when overlooked may cease the business itself. Some of the common unexpected risks such as natural disasters, liabilities, and fire accidents may require immediate financial support to rescue the business. Generating these finances from the revenues and incomes of the business is not a good option, considering the future needs of business. Hence, having the right insurance policies for unexpected risks is a wise option, as they assure timely help.
Following are different insurance policies which help you to safeguard your business from many of the possible risks.
Liability insurance policies
Maintaining a business involves dealing with different groups of people. Employees, customers, and other parties are a part of your business process. While dealing with such people, there is a probability that your workplace activities may put them at risk of injury or damage to their property, leading to liability claims. That is, the victim may file a lawsuit against you for the damage and claim for the compensation.
Liability insurance is one such policy that protects the business owner (if insured) from all kinds of compensation claims posed by the third parties for the damage caused to them. Based on the cause for liability, the insurance policies are categorized as:
Public liability insurance: This kind of insurance is highly required by all the brick and mortar stores, and for the businesses which have constant movement of people in their premises. Places like restaurants, shopping malls, pubs, sporting alleys, clubs, entertainment centers, etc., have huge in and out flow of people and the chances of injuries/damages are more. So, taking this insurance safeguards the business from all the claims made by the public in case of unexpected accidents.
Product liability insurance: For companies that manufacture products and sell them, product liability insurance is quite essential. If your product causes a significant harm to the consumer, it leads to a liability claim. The product liability may arise due to a contaminated food product or an expired medicine or some faulty electronic appliance that caused damage to the user.
Employers’ liability insurance: In case, if the injury/damage happens to the employee of the business while at workplace, he/she can file a law suit against the employer. In such events employers’ liability insurance provides the necessary compensation in the form of medical expenses to the injured employee.
This policy offers cover against the damage caused to the insured property of the business in wake of fire accidents, natural disasters, shoplifting, etc. The property protected under the policy will vary depending on the business type. It can range from physical assets like furniture, facility, equipment to stocks in warehouses, raw materials, etc.
Workers’ compensation insurance
This policy is slightly different from employers’ liability insurance policy. Though both the policies assure to pay the employees who got injured in the workplace, they vary in the aspect that workers’ compensation covers medical care and other costs for the injured employees in exchange for the relinquishment of the employee’s right to sue the employer. Whereas, employers’ liability protects the business from all the law suits filed by the injured employee.
As workers’ compensation insurance protects both employee and the employer, such a policy is essential for every business.
Reliable brokerage firms offer tailor made products
Though the above mentioned policies are common for most of the business types, few insurance policies, specific to a business, may vary depending on the risk involved with the business processes. Hence, it is always better to approach a reliable insurance brokerage firm that provides a tailor made policy for your business requirements. Brokerages are good at offering expert advices to their clients and with their vast knowledge on the various products offered by different insurance companies, they will definitely suggest you a suitable policy from a reliable company at best prices.
Think less about the penny you are spending today on insurance premiums. Insurance gives a greater financial support in the event of any unforeseen risk, which is very much essential for a business to grow and sustain in the long run.
Keystone Insurance Group is Ireland’s premier supplier of public liability insurance and business insurance solutions to Irish industry. We offer a broad range of insurance products for hospitality business including restaurant insurance and hotel insurance. Our experienced and professional team quickly arranges quotes for all classes of business insurance.