General liability insurance will be able to cover your business if a customer sues you after such a situation or if the customer claims that your business was negligent to them when dealing with the situation.
Depending on how severe the injury or damage is, as well as a number of other factors, your business could lose a lot of money from a liability lawsuit. However, with liability insurance, you may not pay as much if you have a deductible.
Property
Property insurance for businesses is similar to homeowners insurance. If a location of your business or some sort of business property is damaged by a fire, flood, or some types of natural disasters, property insurance can help you out. Instead of having to pay on your own for any repairs or replacements, all you need to do is pay a deductible and let the insurance company take care of the rest.
Property insurance also covers things like robberies, smoke damage, and vandalism.
Employee
While getting employee insurance can be a little bit complicated for a business, it doesn’t have to be once you have the basics down. Health, life, disability, and worker’s compensation insurance typically make up the basics of employee insurance. While it makes up the basics, it is probably best if you do thorough research for employee insurance.
Health insurance is typically a good investment for your business because not only will your employees be covered, you will also be covered. As well, depending on the size of your company, you may be required to have health insurance for all your employees under the Affordable Care Act (ACA). Similarly, under the ACA, if you own a small business it could be eligible for tax credit if you provide health insurance for your employees.
Life and disability insurance are always good because it protects your company and employees should an accident occur. Specifically, the insurance covers your business and employee should an accident at work leaves an employee disabled or causes death. Life and disability insurance cover your business and compensate the family of the employee who was hurt or had passed away.
Workers’ compensation is similar to life and disability insurance, except it, covers employees who were injured in any way — not just in a way that results in a disability or causes death. Workers’ compensation is a must-have if you run a business. It is a federal law that any company with employees must provide workers’ compensation.
If you still have trouble with purchasing the insurances that make up employee insurance, you can always consult with your business insurance company and figure out the best policy possible for your employees.
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