Our Goal

What Kinds of Insurances Should Employers Consider For The Employees?

There are a whole bunch of insurances that are offered for businesses. Typically, these insurances are packaged and sold as a unit for businesses in an industry. In order to understand which one to pick, it is critical to have an understanding of what insurances need to be taken under the law, the money you will be allocating for insurance and what insurances your vendors/lenders insist on. Once this is done, you will have a broad idea of what all insurances you should have and what covers you are inclined to take additionally. Some of the insurances you should consider are:

  • Casualty Insurance:  This insurance will protect the business from liability arising from injury to others or damage to property.
  • Workers Compensation: This kind of an insurance is required to be taken depending on the country in which your business exists and the laws pertaining to those. This insurance will pay for the medical cost of the treatment of a person injured while at work and may in certain cases also pay a portion of wages. It does not matter who caused the injury.
  • General Liabilities: This insurance will cover most of the legal fees arising out of accidents, injuries or any negligence claims that may be made on the business. This insurance will cover injury to persons or property. The details of these can again be worked out with the insurance company.
  • Professional Liabilities: If your business is into services, then any negligence in imparting any service needs to be covered. This insurance will take care of claims arising out of errors or malpractice in the services provided.

While most of the important ones have been covered, some of the others that can be considered are:

  • Key Man Company Insurance: good to cover the key person whose absence will affect the business.
  • Criminal Liabilities: Criminal liability will protect your business against harm done by employees with the intention of causing damage to property or reputation.

Our Goal
It has been to give you a good understanding of the various insurance covers you can choose for your business. Once you have figured out what covers suit your business the best, ensure you go with the best insurance company that will allow your business to function smoothly.

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