This protects you from lawsuits alleging negligence in the provision of professional services, the provision of shoddy work, or errors or omissions. If you have a service-based business, this type of insurance is particularly important, but it can also be necessary for other types of companies. Mistakes happen – so it can be helpful to have adequate professional liability insurance, even if you don’t think you’ll need it. The definition of “property” is broad, and for different types of companies, it can mean different things. That’s why making sure that you carry adequate commercial property insurance is important. Without this type of insurance, should something happen to cause damage or destruction, most small businesses would not be able to replace their equipment. Buildings, computers, inventory, supplies and equipment can be included in the property covered by this type of insurance. Get more information
There are two types of property insurance: “all-risk” policies cover almost everything and are a good way to prevent duplication or overlap of coverage, as well as gaps in trying to cover your liabilities. The coverage of “Peril-specific” policies or “named-peril” applies only to specific perils that are specifically identified in the policy. They are usually required in a very particular area when there is a high risk. When trying to attract high-quality employees, providing life insurance for staff can be a valuable advantage. A company can even offer executives additional coverage. These staff are considered to be essential to the company’s running and success, and may sometimes require additional insurance, above and beyond what the normal employee benefits provide. In attracting top talent, this could be another advantage. For employees without whom the business could not function, a company can also offer special “Key Person” policies. Key Person Insurance protects against the unexpected death of a key employee – often times the amount of profit equals the expected loss of revenue and costs required to find and train an appropriate replacement.