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Saturday, April 15, 2017

Getting the Right Type of Insurance

From the moment an entrepreneur starts a business, they are putting themselves at a lot of risk. The risk starts before they even sell their first product or hire their first employee. However, they are eager to do it because they have the entrepreneur spirit.

One of the best things that entrepreneurs can do to mitigate their risk is to get the right type of insurance. The Captive Insurance Industry is designed to help businesses keep their risk at a minimum while at the same time providing them with an opportunity to invest in themselves and in their future.

Entrepreneurs realize that with just one lawsuit or just one catastrophic event all of the gains that they have made as a business can be demolished. It just takes a few minutes and one minor mistake for a well laid out plan and a developed business to completely fall apart.

Thankfully, businesses have access to a wide range of insurance that can keep them safe from these unwanted dangers. One type of insurance that business owners should put in place as soon as possible is professional liability insurance.

Professional liability insurance is more commonly known as E & O insurance. This is the type of insurance that is designed to protect the business against errors and omissions. When it comes to looking for this type of insurance, it’s good to understand that there is no one-size-fits-all policy for personal liability insurance. Every industry has their own standards, and there are certain levels of insurance that they need to meet the requirements laid out by law. However, learning about these insurance policies and making sure that a business has them is in its best interest.

Property insurance is another example of important insurance that businesses need. It doesn’t matter if the business owns the property or if they are leasing it. This type of insurance helps the business as they cover the equipment, inventory, or furniture that they have in case of a fire, flood, or an earthquake.

Here again, it’s important for a business owner to read their insurance policy. Some things like water damage and earthquakes are not covered by all insurance, and so it will be necessary to get an additional policy to cover those issues.

If a business is going to have employees, worker compensation insurance is a must. This covers medical treatment and death benefits if an employee is injured or dies while they are doing their job.

For a successful business, insurance is not an option. It is a must.