Types Of Insurances To Keep Your Business Protected

May 6, 2020

If you’re an entrepreneur who is looking forward to starting a business, there are a lot of things you should look into in order to keep the business on the safer side. Some are under the great risk of getting their business torn apart, before it even begins to flourish.

The reason why this happens is that the entrepreneurs haven’t secured their business with certain insurances that will keep the employees and the business safe. There are a few important insurances an employer should opt for to ensure that their business is not under risk. This step should be taken even before you consider hiring an employee because you wouldn’t want to place them at risk. Insurances like corporate insurance are really important to guarantee the employees that they’re on the safe side of the business. Let us go through some insurances that can help in protecting your business against any huge risks:

Property Insurance

When you start a business, you will need to establish it at a property which needs to be covered with insurance. This insurance known as property insurance is necessary regardless of the space being owned or rented by the entrepreneur. It’s going to benefit your business in such a way that if you incur any issues like fire, storm and theft where you’ve lost furniture, equipment etc, this insurance will cover them all. However any mass destruction events like earthquakes, flood etc won’t get covered under this insurance.

Employee Insurance

Before you even consider hiring an employee, make sure that you have enquired about the different policies which fall under employee insurance. An employee has all the rights to secure his/her insurance in order to place their stand in the business so that they are protected from any risks which may befall if their business isn’t covered with any insurance. There are a lot of insurances like group health insurance, medical insurance and other insurances that an employee is rightful to. And as per the UAE labour law, it is necessary for every company to provide health insurance to their employees. Purchasing employee insurance is a ticket to a risk-free zone where the business has to cover certain losses incurred to the employee in the future.

Product Liability Insurance

If your business deals with manufacturing and selling products, then make sure that you get your product liability insurance. This insurance helps to keep your business protected in case there are any unexpected lawsuits charged against your particular product. Though there are some businesses that don’t take up a product liability insurance claiming that they keep their dealings with the products on the safer side. But, this won’t help your business as it is placed under a huge risk if your product encounters any issue in the market.

Liability Insurance

This particular insurance differs from business to business. The set of policies made for a particular company doesn’t apply to another company and it’ll be customised in a different manner for each business. A professional liability basically covers the business when there’s an accusation made against them in terms of mistakes or failures in performance. It is also an errors and omissions insurance.

Make sure you consider protecting your business with the right insurance policies that need to be placed before settling down. If you want to find out more about corporate insurance or other insurances, feel free to contact us