5 Types Of Business Insurance You Should Have

As an employer you need to protect yourself, your business and your employees against those unexpected circumstances. If you are wondering what insurance you might need to protect your business and assets, look at AXA business insurance to see what they offer and how you can protect yourself and your business. The following 5 types of business insurance are vital to guarding your livelihood when things go wrong.

1. Property Insurance

If a disaster happens at work, a property insurance policy will protect your office and all the assets inside it with an ‘all risk’ policy covering theft, fire damage, vandalism and accidents. You may also want to consider taking out business interruption insurance as part of the insurance policy in order to protect your earnings if the business is unable to operate. There are a number of options you can add to tailor your insurance to suit your business such as flood and earthquake cover. It is important to remember that if you work from home, your business and its assets may not be covered by your homeowner’s policy, and you should therefore look into taking out business insurance.

2. Liability Insurance

Being sued can be stressful and difficult at the best of times making liability insurance essential to your protection against customers having issues with the service you provided or if they injure themselves whilst in your business. A normal liability insurance policy will cover your legal fees, settle claims and pay damages. You should tailor your policy towards product liability if your business focuses on producing or selling products and, professional liability insurance if you are a service-based business.

3. Business Owner’s Insurance

In the majority of cases business owner’s insurance can be useful as a one-stop shop for business insurance that combines the common coverage business owner’s need into one package. As the services such as, business interruption, vehicle, property, liability and crime insurance are bundled together, this policy is usually less expensive than purchasing each insurance cover separately. However, you should check what is and isn’t covered as you might find individual, separate policies

will cover you better for what you and your business needs.


4. Workers’ Compensation Insurance

Protecting yourself and more importantly your employees is essential to your business success with workers’ compensation insurance offering benefits to your employees who might be injured or fall ill due to work-related issues. Each country has its own laws as to how businesses should comply and you should therefore check the law of the country you are operating in to make sure you’re in compliance with and aren’t charged a penalty for not purchasing the correct policy.

 

5. Commercial Auto Insurance

Your whole business or business operations might rely on your vehicles reaching your customers on time and safely. Commercial Auto Insurance such as, AXA van insurance, protects your van and can be customised so that if there is an accident, a courtesy van can be provided to ensure as little disruption is caused to your business and operations. Tailor your commercial auto insurance depending on the nature of your work such as, transporting heavy goods or using the vehicle to carry out a specific service.

 

It is important to check the policy carefully to see what you are and are not covered for as different insurance providers cover differ even if they have the same name. Having the right business insurance is vital if you are to get through those challenging times and it makes dealing with these circumstances that little bit easier and less stressful.

About Genelia L.

About the Author: Genelia Lopez a Chief Blogger.Love to contribute regularly on updated topics on quality blogs. Follow her on Google+..