Nobody ever plans on accidents yet they happen constantly. Look no further than the fact that every 7 seconds, an employee gets injured at their place of employment to understand just how common accidents are, particularly in places of business.
In your personal life, a small accident might mean a minor inconvenience. In your business, an accident could cost you everything that you’ve worked for.
To make sure that a small accident doesn’t carry big consequences for you, it’s important that your company carry the right kinds of corporate insurance policies.
If you’re not sure where to start with insurance protection, going through the following 5 steps should get you off on the right foot.
Step 1: Get Standard Liability Protection
Just like you would with your vehicle, when running a business, the first kind of insurance coverage that you’re going to need for 360 degree protection is standard liability coverage.
Your liability coverage is a blanket policy. It will protect you against a variety of acts of negligence.
Step 2: Cover Your Employees
Now that you have a blanket policy protecting facets of your company, it’s time to get a blanket policy that covers your employees.
Employee insurance coverage in a business setting goes by the name worker’s compensation. This type of insurance will pay your employee’s while they’re at home recovering from injuries that they incurred in the workplace.
Worker’s compensation is required corporate insurance in many states.
Step 3: Double-Check Your Vehicle
If you drive for work and are using your personal car insurance to cover a car that’s being used for business purposes, stop doing that. Using personal insurance on a commercial vehicle could be grounds to have your claims rejected.
Commercial vehicles require commercial insurance policies which your insurer can walk you through over the phone.
Step 4: Make Sure Your Products Are Protected
Do you sell physical products? If you do, a product error and consequential recall could cost you more than you can afford.
That’s why product insurance policies are so common, especially for companies that produce high volumes of physical merchandise.
Product insurance could also afford you compensation if what you’re selling causes injury or death (ex: a child choking on your product).
Step 5: Consider Miscellaneous Coverage
Now that you have your meat and potato coverage in place, consider any insurance gaps that you might have.
If you’re concerned about data breaches, get cybersecurity coverage. Concerned about a lot of small issues that aren’t typically outlined in standard insurance policies? Consider a flexible captive insurance policy.
Our Final Thoughts on Corporate Insurance
Investing in proper corporate insurance policies is essential. Doing so ensures that you’re able to run your company without getting burned.
Follow our steps above and enjoy the level of protection that you’re looking for, today!
Do you need more advice on how to get the most out of your company? If so, check out additional write-ups on our blog to fulfill your need to know!