Posted in:HR Governance
One of the key things business leaders can do to ensure the long-term strength of their companies is to ensure adequate insurance coverage. Having the correct insurance in place can make the difference between a surmountable inconvenience and a catastrophe that can put the business in jeopardy.
Types of Insurance
Commercial liability insurance protects your business from any claims such as an injury or property damage that occurs in the course of business operations. While generally quite comprehensive, it may not cover all possible liability risks. It is a good idea to review your policy on a regular basis to ensure adequate coverage as your business changes.
Professional Liability is also commonly known as errors and omissions insurance. This type of insurance protects a service provider in the event of a claim arising from the delivery of services. A client may sue a service provider if they feel they have suffered a loss due to errors or negligence on the provider’s part. This coverage does not cover deliberate or willful errors or omissions.
Abuse Liability Insurance
Certain types of organizations, by nature of their operations, are exposed to risk in the form of liability for abuse that occurs on their premises. Settings such as schools, daycares, and care homes for vulnerable populations may need (or even be required to hold) abuse liability insurance to protect the organization in the event of an abuse allegation, including sexual abuse.
In most jurisdictions and industries, employers are required to carry workers compensation insurance where premiums support programs aimed at safety education, program administration, and employee benefits claims. Just be aware, it may have different names in different places with a lot of small details that can complicate any case.
Group Benefits Insurance
Lastly, business owners may choose to provide group benefits insurance for their employees. Most often, it will include coverage for life, disability, and critical illness insurance. It can also include health coverage for medical, dental, vision, and paramedical needs too.
As you can see, there are a variety of insurance policies that may be important to ensuring your business’ long-term success and security. Take the time to explore these further and to ensure your organization has the necessary coverage in place.
Here to Help
Need help understanding insurance coverage? We can help. We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected].
For further details on how Honiva can help you prepare you during your recovery and rebuilding, please view our service offerings. We also welcome business owners to attend our next online seminar to learn how to improve employee management practices and strengthen your company long term. Register for the free HR Education session at EventBrite.