Getting the proper insurance is a necessary expense in running your business. Various types of insurance policies are also extremely helpful in attracting and keeping good employees. Everyone needs health insurance, and other types of insurance are helpful including life insurance, long-term care insurance, dental insurance and eye-care insurance.
Your business itself can face many calamities that require proper insurance. It's just an additional expense you need to factor in. For example, whether your business is located in your house, an office, or another building, you need fire insurance and possibly flood and other types of disaster insurance. This is collectively known as property and casualty insurance.
Some of your jobs could be considered to cause your customers problems that cannot be solve by fixing an order or replacing an item. If you are doing medical billing and your actions are believed to cause a major foul-up for your customer you could actually be sued. The same is true for various phases of the construction business, goods production business trucking and many other types of business. Almost any type of business from goods distribution to maid service can be the subject of a killer lawsuit. If you obtain legal liability insurance, the policy will cover your expenses on lawyers up to a certain limit. They also can give you coverage of any liability settlements you have to make, up to a previously agreed upon limit. Then there are other types of insurance that include damages to third parties in a professional capacity, when you are acting as an accountant, a doctor, etc. This is general malpractice insurance, and in the medical field this is compulsorily.
Business owners and key employees themselves are subject to sickness, accidents and death. Whether your injury or death can be replaceable in terms of operating a business is one question, which cannot necessarily be dealt with purely in money terms. However, if you are a sole proprietorship, if you are forced to close down your business, you or your heirs are personally responsible for all your businesses debt. You need insurance in the event of your death, illness or injury to prevent you or your estate from being totally financially wiped out. To deal with this potential circumstance, you can buy life and disability insurance for yourself, or any other key employee, and name the business as the beneficiary of the policy.
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