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Insurance Article

What is Business Insurance? Why Do You Need it?

July 19 2018
Insurance

Business Insurance protects you, your employees, your assets and more

Running your own business is as exciting as it is intimidating. While you’re your own boss, you’re also the boss, which means you are responsible for everything and everyone at work. As they rightly say, with great power comes great responsibility and business insurance can help you can handle a major chunk of it. Here are the six ways in which business insurance can assist you.

Possible Risks

Financial risk is the most obvious risk of running a business but there’s a lot more that you have to look out for. As an entrepreneur, you’re at risk of liability exposure to several parties like your clients, employees and suppliers. You also have certain obligations towards your employees and you need to take good care of not only them, but also of your physical assets like machines and computers.

Liability Insurance

When you get business insurance, it protects you against various possible liabilities that may arise during the course of business. Any liability that arises because of negligence caused by you or any of your employees, harm caused by any of your products or services and non-payment of dues is covered by business insurance.

Workmen Compensation Cover

Those who work under you are your responsibility. Any injury that they suffer while on the job has to be compensated by you, and getting a business insurance will cover that expense on your behalf. Not only does this protect your employees but it also saves you from the financial burden of large payouts that could be hard to recover from.

Protection of Physical Assets

As a business owner, you must have invested a lot in assets that help run your business. Business insurance will protect your physical assets including the building, property inside the building as well as any vehicles you may use for business purposes.

Health Insurance for Employees

Business insurance also provides options for group health insurance for the well-being of your employees. When they are working hard for your vision, you must ensure that they get basic benefits like health insurance. Such an initiative will help boost employees’ morale.

Travel Insurance

If your business requires you or your employees to travel regularly, then travel insurance is a must. It will take care of cancellation fees, medical emergencies, loss of baggage and various other unfortunate events.

As you may know, running a successful business means strict budgeting and financial planning, which can be completely hampered by one unexpected expense. Don’t let such unanticipated expenses delay your business goals and equip yourself with the benefits of business insurance today!

Related Article:

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The Importance of Business Insurance for Startups

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