What Is Business Insurance?

Every organization faces certain risks, regardless of their size, industry, or how many years they have been in business. While you cannot always prevent these threats from manifesting, you can protect your business from the financial repercussions. Business insurance is a must-have for all businesses who wish to safeguard their investment from the unknown.

Types Of Business Insurance Policies

While each policy is different based on the carrier and level of coverage you need, you can expect your plan to protect against common operational losses and damages.

General Liability Insurance

General liability insurance is standard business insurance used by companies to protect against specific types of liability claims. The most common claims that businesses face include third-party bodily injury, advertising injury, and third-party property damage. If these types of damages should occur, general liability insurance would essentially cover property damage expenses, medical costs, and administrative costs to handle covered claims, judgments, court costs, and settlements.

An accident can occur at any time and the financial consequences can be staggering. For example, a customer could come into your store and suffer a slip and fall accident, resulting in a settlement of tens of thousands of dollars. With general liability insurance, these expenses would be covered and your business protected.

Group Benefits Plans

Providing your employees with a competitive group benefits package is one of the best ways to attract and retain top talent. By keeping these benefits affordable and versatile, you can increase productivity among your workforce and minimize costs that affect your bottom line. As these benefits can vary considerably from carrier to carrier, it is important to speak with a qualified insurance professional to ensure that you choose the right benefits for your team.

Today, group benefits extend far beyond medical coverage. Modern employers now offer their employees a well-rounded package of group benefits that include plans like dental, vision, life, and disability. In addition to group plans, employers should also consider executive benefit plans and profit-sharing incentives. These flexible solutions can be an excellent addition to any professional benefits package.

Errors & Omissions Insurance

No business is without fault. That is why most business owners understand the importance of having errors and omissions insurance. E&O insurance is used to protect against lawsuits brought on by customers or clients who may claim that your services are late, inaccurate, or never delivered. An E&O policy can cover a wide range of situations, such as work oversights and mistakes, missed deadlines, accusations of negligence, and undelivered services.

Errors and omissions insurance is an ideal option for anyone who makes a living based on their expertise. This may include professionals like lawyers, accountants, auditors, property managers, IT consultants, architects, appraisers, real estate professionals, wedding planners, management consultants, title agents, and medical professionals.

Health Insurance Coverage

While health insurance has become more easily obtainable in the last decade, many individuals still do not have health coverage. By offering your employees affordable health insurance, you can help them maintain their health while increasing productivity and morale in the workplace.

Employee medical coverage typically covers a wide range of health conditions. With self-employed individuals, some people may be disqualified from obtaining coverage if they have a pre-existing health condition. However, that is not the case with employee medical insurance. As employees are not required to disclose information regarding their health status, they have the right to obtain coverage regardless if there has been a diagnosis of a debilitating disease.

Workers’ Compensation Insurance

Workers’ compensation protects employees from work-related illnesses, accidents, and in rare cases, even death. Every state requires employers to have workers’ compensation insurance to cover lost wages and medical expenses for employees who become ill or injured on the job. If your business does not carry workers’ compensation insurance, you could be found liable for these costs and face certain penalties and fines by the state.

The cost of workers’ compensation insurance is paid by the employer. This differs from other types of employee benefits, such as health insurance, which is often shared between the employer and employee. While business owners must take on this cost, the protection it offers your business is well worth the investment. From carpal tunnel syndrome surgery for a data entry worker to an overnight hospital stay for a warehouse worker who was injured while loading boxes, accidents can happen at any time and it is important to be prepared for these incidents.

Speak To An Experienced Business Insurance Agency

Disaster can affect any business at any time. Even the most successful business could be forced to close its doors if a costly accident occurred that resulted in financial ruin. Having the right business insurance policies in place can help prevent businesses from paying costly damages and legal claims out-of-pocket.

For more information about business insurance or to get an insurance quote, contact the business insurance professionals at JMG Insurance Corp by calling 1.844.304.7332 or by requesting a quote online.