Protecting Business Asset by Insuring it
A complete insurance policy is very important for any business enterprise to protect its assets from liquidation and bankruptcy.
According to corporate lawyers, businessmen should be able to assess the needs of their companies so they can choose the right coverage that will protect their properties and provide health insurance to their workers.
Insurance policy is very important in any company, regardless of its scale of operation, business structure, and industry. With a complete insurance, business and personal assets can be protected from bankruptcy, theft, fire, natural calamity, and employment lawsuits.
Another advantage of insurance is that people will not be forced to liquidate their assets just to pay off their liabilities and debt, thus allowing their companies to continue its operation without experiencing delays due to the lack of funds.
To make sure that a company is sufficiently insured, businessmen should have a policy that will cover the following:
Worker’s benefits and insurance
Most states require employers to provide disability insurance for workers, especially those who have dangerous jobs. Usually, this insurance provides financial assistance to workers whose disability or injury is caused by work-related accidents.
Meanwhile, pension and retirement insurance plan is usually expensive. However, employers can apply for Individual Retirement Account (IRA) which is a federal program that allows workers to have personal saving plans while allowing them to enjoy income tax advantages.
This type of insurance will protect the business assets such as machinery, equipment, office supply, buildings, and finished goods.
According to lawyers, a property coverage may include crime insurance, fire insurance, inland marine insurance, car damage insurance, vandalism insurance, natural calamity insurance, and comprehensive property insurance, which is more popular called as all-risk policy.
All-risk policy is probably the most ideal property insurance since businessmen are usually not required to duplicate their coverage with additional policies.
Another advantage of this coverage is that people will pay lower premium rates compared to individual coverage.
This type of insurance is also advantageous in case there is a lawsuit. Having several policies to cover a single loss may lead to a dispute as to how much each coverage should contribute for the damages.
Meanwhile, crime insurance is very important for businesses which are prone to crimes and theft. However, this type of coverage is usually more expensive compared to other business insurance policies.
Special insurance coverage
Apart from worker’s insurance and property coverage, businessmen should also consider other special-purpose insurance polices such as: key employee’s insurance, power plant insurance, business interruption insurance, credit insurance, rent insurance, profits and commission insurance, glass insurance, transportation insurance, surety bonds, sprinkler leakage insurance, and fair access to insurance requirement plan.
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