Business activities expose an entrepreneur to myriad risks. When accidents occur, lawsuits and compensations can bring down even a well-performing business. Luckily various insurance covers can protect a business establishment from the inherent dangers. Insurance protects your business financially, enabling you to run the daily operation stress-free. In fact, every business should have commercial insurance. In simple terms, commercial insurance protects the business from losses emanating from an employee's injury and property damage. It protects the business, employees, and business owners. Commercial insurance encompasses essential business insurance covers such as employer's liability and public liability.
Public Liability
Public liability insurance covers claims from injuries, death and property damage caused by business activities. A member of the public may sue your business if they are injured on your business premises or due to your business activities. The policy covers all the medical bills, legal costs, transportation costs, replacement and repairs. Also, the insurance cover pays for settlements and compensation. However, the insurance only covers third parties. It does not cover business owners or employees.
Workers' Compensation
Workers' compensation insurance covers claims from employees' injuries and illness that occur while working. For instance, if the employee gets a bone fracture after falling on a wet floor, they may be liable for compensation. All businesses in Australia are mandated by state law to have a worker's compensation insurance. Failure to comply with these laws attracts stiff penalties.
As a business owner, the insurance protects you from lawsuits. The employee foregoes the right to sue the employer in exchange for the insurance benefits. If the workers' compensation claim is successful, the insurance policy covers the medical bills and wages reimbursements. It also provides medical benefits and wage replacement.
Medical conditions like carpal tunnel syndrome and fall injuries can cost an arm and leg even if the employee performs low-risk jobs. The point is that the policy covers death, medical treatment, and disability In the event the employee dies or is injured while working.
Property Insurance
Property insurance is essential if you have a commercial property or building. In the unfortunate event of theft or fire, replacing office equipment, tools, supplies, furniture and computers can be quite expensive. This is where property insurance comes in handy. The insurance policy covers inventory and equipment. Most small businesses would have difficulties replacing their equipment in case of destruction or damage. It is prudent to get this insurance policy. It eliminates the risk of having to start all over again in case accidents or vandalism.
If you are currently looking for a loan, you will no doubt want to do everything you can to get the best possible deal. When it comes to loans, there are various factors you need to take into account. This blog will be looking at some of the things you need to consider when applying for a loan. We will also explore some other financial products. Our team of writers aren't professionals but they pour a lot of time and energy into researching everything which is published on this blog. We hope you find what they have written enjoyable and informative.