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The Basics of Business Insurance – Part 2
In our previous piece, we covered the basics of small business insurance policies. The policy ensures your property and products are covered in the case of unforeseen events. Polices also cover losses of income during times where your business cannot operate normally.
While every business should purchase some form of insurance, we believe it’s best to shine a light on other services that are a bit more specialized. These policies do not usually come standard but are still important depending on the needs of your business.
Workers compensation insurance is actually required for all businesses in every state other than Texas when the number of employees reaches a certain threshold. This policy essentially covers medical costs and lost wages suffered by an employee who is injured at work regardless of fault. In the case of an employee’s death, the policy pays out a sum to their family.
Errors and Omissions
Businesses whose services revolve around providing customers with advice, recommendations, physical care or design and representation should probably invest in a policy that covers professional liability.
This covers a business if a customer makes the legal claim that the business’ practices were not performed properly and resulted in an injury. The policy covers legal costs and provides payment for any judgment where the insured is legally liable up to a certain limit in the policy.
In a similar fashion, employee practice liability insurance covers damages caused by an employer who violates an employee’s civil or legal rights.
There are even policies offered that cover businesses in the case of the death or general disabling of a key employee. This policy, depending on the size and type, can soften the financial blow of a key loss to the workforce.
Don’t Remain Uninsured
No matter the business, preparing for the unforeseen insures its continued survival. At Shepard Walton King, we understand the need to protect your company and can provide the protection it deserves. If you would like to learn more about what we can offer, please contact us online or give us a call at 800.446.2471.