They have liability insurance plans that protect your company from using its capital or profit for damage control.
With the many possibilities for unforeseen events, there is also a variety of insurance policies. For businesses, four types of insurance cover most possible liabilities.
- General Liability Insurance
This is the most basic form of insurance. This is the type of insurance any business would need. This insurance protects you from lawsuits that would involve your interaction with the public. The public will be your customer getting injured because of your property or damage to your rented property.
It will not cover the intended damage. It would also not cover an injured employee, which is a separate insurance policy. It covers settlements resulting from wear and tear. This type of insurance is more helpful after the pandemic.
- Workers Compensation Insurance
This protects your employees when they are injured during the job. It is usually expected to cover the medical bills of the employee. Health insurance does not cover work injuries due to this policy. It protects your profit and capital from the burden of costly hospital bills when sued for settlement.
- Professional Liability Insurance
You will need this type of insurance if your business has dealings with customers. It protects you in cases of mental errors and miscalculations that affect a client financially. It also helps in cases of false accusations for someone's mistakes or general false claims. This type of insurance usually protects you against claims, wrong or right.
This type of insurance plan comes in handy now. It saves you from the decision defect your employees may have due to change in work patterns.
- Property Insurance
This is the insurance that covers damage to your property simply put. Depending on your insurance company, “an act of God” property damage is not always involved. Its coverage ranges from vandalism, theft, fire to weather damage.
Is There A Catch?
Insurance companies would expect you to pay a specified, agreed fee annually or biannually. These fees are usually paid whether you utilize the services or not.
You pay forward from your profit to eventually protect your capital from bearing the burden of liabilities.
At Valencia Insurance Group, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (772) 344-8899. You can also request a free quote by CLICKING HERE.