Every business owner is exposed to certain risks by a variety of factors both within and outside of their business. Because of the many risks that small businesses could face from the threat of a single lawsuit, it is especially necessary to have a comprehensive insurance plan in place to protect their livelihood from the many circumstances that could go awry. For this reason, it is also necessary for businesses to utilize the wide variety of insurance types in order to reduce their risks and protect their business. If you are a small business owner looking to find the right insurance types for your business, consider these four types of insurance that you should have in place for your protecting your livelihood.
Regardless of whether you are renting or using a property that you own for your business, property insurance is necessary to protect your space. Property insurance typically covers the protection of on-site furniture, equipment, or inventory in case of storms or theft where it may be destroyed or stolen.
Workers Compensation Insurance
Workers compensation is designed to cover benefits for medical treatment, disability, and death if an employee is injured or dies on the job. This type of insurance is important to all employees no matter what the risk level of their position is, as simple injuries such as falls can sometimes lead to expensive claims and consequences for you as the employer.
Product Liability Insurance
For business who manufacture products that are sold on the general market, this type of insurance necessary to protect your business from the risk of your product to the consumer. This is even necessary for business who take every possible measure to ensure that their products are safe, as their product could still result in an expensive lawsuit due to surrounding damages caused by their product.
Company Vehicle Insurance
Company vehicle insurance is necessary for businesses that use company vehicles for delivery or other services for their business. This insurance covers the cost of potential accidents that may involve the company vehicle, as well as third-party injury. Because of the risks surrounding driving, company vehicle insurance is very important to have if your business is out on the road.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits,but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us through Twitter, Facebook, Google+, and Linkedin.