Growing Companies: What Insurance Coverage Do They Need?
Updated: Dec 6, 2021
Every business owner has a list of insurance coverage that he needs to purchase. These include workers’ compensation insurance, property insurance as well as general liability insurance. All these programs cover the most basic of operational requirements. It provides protection for the investment that business owners made as well as manage the risks that it might encounter in its operation. However, business does not stop growing even after encountering several perils that may have put it in hot water.
It is for this reason that business owners must also consider acquiring insurance policies for growing companies. Every person who has decided to put up their own business aims at growing their business. So before thinking that you’ve got enough coverage for what you have, here are the other essential business insurance policy that growing businesses need:
• Vehicle Insurance
Car insurance can be configured to cover delivery vans, trucks or even regular cars that the company leases, owns or simply uses. Even when the owner or the employee uses his personal vehicle, it should still be signed up for business vehicle insurance because when an accident occurs, most companies will only cover the insured but not the vehicle, especially when the accident took place while the person was doing business. When lawyers find out that the individual involved was driving the vehicle during company time, he can readily make a claim and require your business and make it liable.
• Employee Liability Insurance
This is a relatively new coverage, but it is one of those that you need when you run your business. Sadly, treating your employees with utmost decency is not enough to keep you from getting sued. An unhappy and an unsatisfied employee with a good lawyer, to begin with, can think of many different ways to find fault at how you treat the people who work for you. The more growth your business experiences, the more at risk you are for employee complaints.
• Business Interruption Insurance
Most business insurance policies cover the need that arises when you need to rebuild your business from scratch due to damages that may be brought by natural catastrophes. However, as a business owner, you must also consider coverage not just for the damages, but also for the time when the rebuilding will be done. Since there will be an interruption in business operations, it also means more losses from your end. With companies interruption insurance, you can ask the insurance company to cover all expenses that you may have while the reconstruction is going on and until the business regains its full strength.