As a new business in 2019 you will soon notice that creating a successful business takes more than just a great idea and a pile of money. There are a lot of different elements to think about when running a business this year and it is important that you think about every little detail when you are forging your empire.
Insurance for example is something which you may not have thought about when creating your business and this is something which can be super important for your safety and security. For example you will want to make sure you can protect your building from robbery, and you will also want to think about making sure you protect your employees. Be sure to also ask Qdos Contractor answer the question of what is IR35? And make sure to research which types of insurance are fitting for you. Today we are going to take a look at some of the most basic types of insurance you should have as a business.
Professional liability insurance is one of the most important types of insurance you should have this year because it will be the difference between you losing money on damages and protecting your assets. As a business, the scariest issue you can come across is someone trying to sue you for negligence claims or injury, because it can cost you more than a pretty penny. Insurance can act like a security blanket for you and make sure that you don’t end up suffering damages.
Whether you have a house or an office building to your name, it is crucial that you invest in property insurance to make sure that your building is protected against theft. If anyone ever broke into your office and stole all of your machines and furniture, if you had no insurance you would be facing a huge loss in assets. However with insurance you will be helped with the cost of repairs and also the cost of replacing any items which you may have lost along the way.
Workers’ compensation insurance
As soon as you hire an employee for the first time, they become your responsibility and this means that you need to make sure they are safe at all times in the workplace. For example when you hire an employee you can add employee compensation insurance to your policy and this will cover their medical treatment if they are ever injured and will also cover when they are made disabled or in the horrible event of a death. It is important to have this insurance in place so that you aren’t charged for your employee’s medical care.
If you have a small business and you currently work from home, you won’t be able to access a lot of the policies which larger businesses do, however you can still get some helpful insurance to protect your business. For example this can include asking for additional insurance on top of your home insurance to cover any equipment you use to carry out your business and any inventory you have. If anything ever happens and you are robbed, you will be able to be covered for the cost of this equipment.
Product liability insurance
The worst nightmare for any business who makes their own products is the idea that they will become faulty and cause an injury. If you want to avoid being sued by customers for this happening, you need to make sure that you have liability insurance on hand to protect you. This is something which will help you to prevent damages from a lawsuit.