Business owners in this day and age face a lot of risks and hurdles. If you make a mistake, there is a good chance that the hurdle is going to trip you up and you might just end up face down. In business terms, a simple mistake could ultimately lead to the downfall of your business.
You’ll want to prevent this from happening at all costs. General liability insurance is definitely a necessity for any modern business owner. However, it might not be sufficient on its own. Below, you’ll learn more about general liability insurance and other policies that you may need too.
About general liability
First and foremost, you should learn more about general liability insurance. This type of coverage is going to provide you with protection in the event that you cause bodily harm to a third party. For instance, a client may trip over a hammer that your employee left on the floor. If they fall and break their arm, the insurance will cover the costs. It also protects you in the event that you damage the client’s property. These might seem like rare occurrences, but they do happen from time to time. Just remember that general liability may not be enough on its own. As a roofing contractor, you have to look beyond roofing liability insurance and analyze the other risks that you face.
In this day and age, there is a possibility that your company maintains a database of information. You may use this information to bill your customers or to let them know about upcoming promotions. Either way, you are responsible for their privacy. If your database is breached and the customers’ data is stolen, you are going to be held responsible. This could result in big problems for your business and it is something that you need to shield yourself from cyber liability insurance can help. Even if your database is small and your online activities are limited, this coverage is still a good idea.
Workers comp insurance
Do you have employees? If the answer is yes, you also need to make sure that you have workers compensation insurance. Your workers depend on it! If they are injured on the job, they need to be taken care of and this is why workers compensation is so important. Simultaneously, workers comp is generally a necessity anyway. This is certainly the case for businesses operating in the United States. With that being said, you shouldn’t hire anyone until your company has an adequate amount of workers comp.
Employment practices liability
Finally, you should definitely have employment practices liability insurance. As a business owner, you are responsible for the tough decisions. You have to hire and fire. When doing so, you may eventually be accused of discrimination. Your former employee may even claim that you harassed them. The claims might be frivolous, but the risks are still immense. You need to hire and fire with maximum peace of mind and that is why you need employment practices liability insurance. Get it today or you may regret it tomorrow.