Is your business insured? In this world of increasing competition and financial crisis, you need to be very cautious and attentive while dealing with your business. No one can predict unforeseen incidents in life. Yet, one can stay prepared at least to tackle the financial issues occurring during the crisis. Especially in business, you need to be ready all the times to tackle the swinging market and unforeseen incidents as well. Possessing business insurance will help you by providing financial protection during issues like employee injury, death, law suit, business and other similar cases.
Using your business capital to deal with issues will further put you in trouble. Initially there weren’t too many companies possessing this business insurance, as they weren’t aware of the benefits that they could get out of it. Slowly as people started to learn about the benefits of this insurance, there has been a great increase in the number of businessmen purchasing business insurance to make their company insured. Thus, if your company doesn’t have insurance, make sure you get one at the earliest in order to enjoy all the benefits that you get out of it. Just as you scroll down you can get to know a few facts related to business insurance.
In the case of business insurance, the company would be transferring its risk to the insurance company. As per the policy, you will have to pay certain amount as premium. In exchange, the insurance company would be providing financial compensation in case of unforeseen losses. The unforeseen losses include professional liability, business property damage, workers’ compensation and general liability. Yet, you will be provided with the benefits only if the unforeseen event is a loss covered under the policy.
In business insurance you will be provided with compensation in case of business property loss. The insurance company would be providing compensation in case of property loss due to winds, earthquakes, flood and so on. It provides compensation even in case of disasters like theft and fire. Coverage of the loss depends on the type of policy that you choose and on the insurance company as well. So, you need to be very vigilant while choosing the insurance company and business insurance policy.
This policy provides coverage for liabilities like defect in the the products, injuries, property damage or negligence. These factors may sometimes end in lawsuit against the company. If your company is found liable, the liability policy would provide coverage which includes medical payment, legal payment and the related costs.
Compensation to the workers
Depending on the policy, the insurance company provides compensation to the employees if they get injured in the company. Apart from providing medical reimbursement , the insurance company will make payment to the employee for the months that he/she wasn’t able work for the company due to the injury. Thus, you will not have to use the capital in this case. Hence, make sure to get business insurance (we Danes call it Rådgivning om erhvervsforsikring ) for your company to enjoy the benefits.