7 IMPORTANT INSURANCES EVERY CORPORATE SHOULD HAVE
FAST COLLAB
Description • 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. One claim or catastrophic event could be sufficient to wind up a small business before it even can get off the ground. • Fortuitously, businesses have access to the wide range of insurance policies and types to protect them against these risks. Here are some insurance types that the company must have in place as soon as possible.
1. Professional liability insurance
• Professional Insurance that protects the professionals such as accountants, lawyers & physicians against claims initiated by their clients. Depending on the business, professional liability insurance might have various names, such as medical malpractice insurance for doctors, and errors & omissions insurance for the real estate agents. Professional liability insurance is a specialty coverage that has not provided under homeowners’ endorsements, in-home business policies or business owner’s policies. It merely covers claims made during the policy period.
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. It includes specific forms of insurance such as flood insurance, fire insurance, home insurance, earthquake insurance, or boiler insurance.
3. Workers’ compensation insurance • Workers’ compensation insurance is required to be added to the business insurance policy once the first employee is hired. This policy covers disability, medical treatment and death benefits in case an employee is injured or is demised as a result of his work within the work premises. Even if employees are performing apparently low-risk work, slip-andfall injuries or medical conditions such as (CTS) carpal tunnel syndrome could lead to a preposterous claim.
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. It is designed to help protect your business by ensuring that if this happens, you don’t have to pay any legal or court costs. The coverage possible can be tailored particularly to a particular type of product.
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. If company vehicles have used, those vehicles should be adequately insured to protect against liability if an accident should occur. If workers are using their cars for business purpose, their personal insurance will cover them in the event of an accident.
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. The loss of income in the claim can be due to the disaster-related closing of the enterprise ability or due to the rebuilding process after the catastrophe. Business interruption insurance compensates the company for its lost income during these situations.
• FastCollab is a Marketplace for all your Business Services supported by AllIn-One Platform. At FastCollab’s Marketplace, companies can raise a request to book any kind of insurance; which can be fulfilled through various high quality service providers we bring on to the platform. Customers can save huge money by receiving competitive quotes and choose from multiple vendors.
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BY FAST COLLAB http://www.fastcollab.com/