Company insurance protects companies against losses caused by events that may occur in the normal course of their business. There are many types of insurance for companies, including property, legal liability and employee risk insurance. Companies assess their insurance needs based on potential risk, which may vary depending on the type of environment in which the company operates. Business insurance is especially important for small business owners. In this case, they may have greater personal financial risk in the event of uncontrolled external action. If the business owner does not feel that he is able to effectively assess business risk and the need to cover it, he should cooperate with a reputable, experienced and licensed insurance broker. Company insurance: professional liability Insurance professional liability insurance covers claims arising from negligence arising from errors or failure to provide the service. There is no universal liability insurance. Each industry has its own unique concerns that must be addressed. It will look different, for example, in the case of a car mechanic and a lawyer or doctor.
Company insurance: real estate insurance Property insurance covers equipment, inventory and furniture in the event of fire, storm or theft. However, it often does not cover mass destruction events such as floods and earthquakes. If there is a risk of these problems in your area, you will need a separate policy. Read the insurance terms carefully. Company insurance: product liability If your company produces products for sale, product liability insurance is very important. Any company can appear in a lawsuit because of damage caused by its products. Product liability insurance protects the company in such cases. Company insurance: vehicle insurance All vehicles used for business purposes should be fully insured. Companies should at least insure themselves against damage suffered by third parties, but comprehensive insurance also covers a car accident. If employees use their own cars for business purposes, their own personal insurance will cover them in the event of an accident. One of the main exceptions is when a person provides goods or services for a fee, i.e. working as a courier or supplier. In this case, you must have adequate company insurance. Construction company insurance : for business interruptions This type of insurance is particularly suitable for companies that require a physical location to operate, such as retail stores. Business interruption insurance compensates the company for lost income during events that cause disruptions to normal operations.
Company insurance: against theft A very important element included in many “company insurance” packages is also securing your property against burglary and robbery. Then the protection covers loss, destruction or damage to property. It is not only the cost of the stolen items themselves, but also the repair of the building (for example, walls, alarm devices). In addition to this type of insurance, regular theft can often be added, when the protection covers the external elements of the building. Company insurance: electronic equipment Some companies use expensive and advanced electronic equipment, which is the basis of their operation. To protect yourself against the risk of losing your work tools, it is worth choosing electronic equipment insurance covering a whole range of risks, such as destruction, damage or loss. Importantly, such insurance may also include data carriers with the information contained therein and software. Company insurance: NNW An entrepreneur who employs employees should also take care of their interests. To this end, the company’s insurance may also cover the consequences of accidents involving the insured and his employees. Each insurance company has its own conditions in this respect, but most often it covers permanent damage to health, death, temporary inability to work, as well as compensation for hospital stays. Most large insurance companies have company insurance on offer. It is often referred to as “business” and is available in many packages of varying extent. In this case, the scope of insurance must be closely matched to the profile of the company. A doctor with private practice will be insured from something else, a production plant from another, and a grocery store from something else. Certainly, however, in order to protect your company (and often also the only source of income) it is worth getting interested in the company’s insurance offer.