The Top 4 Types Of Business Insurance

your business’ offices, place of trade, outbuildings and more. It can also provide additional cover for your stock. For example, if you own a corner store, your property insurance can cover your shop, the windows and all the equipment and wares inside the shop from loss or damage. Different levels of cover can also be chosen to include fire, theft flood and even acts of terrorism.

Liability insurance cover

Liability cover will insure the business against any law suits that may arise due to negligence by yourself or your staff. For instance, keeping with the example above, a store employee mops the floor in an aisle in your store, but forgets to put up a caution sign. A customer walks in and slips on the wet floor. If that person gets injured, they are entitled to sue your business for loss of income due to being unable to attend work, medical bills and punitive damages. These claims can be very high and usually a small business does not have funds to pay out such claims. If you have liability cover, your insurance policy will cover the claim up to the insured amount.

Worker’s compensation

Worker’s compensation is similar to liability insurance, but it covers your employees against injuries sustained on the job. This kind of cover may be mandatory in some cases. If you are in a dangerous field, such as a road works contractor or even in landscaping, where your employees are in close contact with dangerous equipment,