It is very important for a business to have all of the right insurance. Not only is your business something that you have put a lot of money into, but it is also your main source of income. It needs to be protected at all times so that you do not lose it over some sort of a disaster or another unfortunate event. The following are a few of the different types of insurance that you should look into, including flood insurance, errors and omissions insurance, and slip and fall insurance.
Flood insurance will pay if your building is destroyed by water. This could happen because of a local flood if a river or a lake overflows its bounds and gets into your building. Most of the time, however, it will happen because a pipe breaks inside the walls. If this happens over night, you will not even find out about it until you come in the next day. By then, the damage can be so extensive that you will have thousands of dollars worth of damage that needs to be repaired before you can get back to work.
Errors and omissions insurance will be necessary if you deal with other people’s money, investing it or helping them spend it. If you are a real estate agent, for instance, you could make a mistake and write up a contract that sells someone’s home for less money than they agreed to take for it. They will come to you and ask for the money, though you will not be able to legally get it from the people who bought the home. The insurance can pay the difference so that you do not lose any revenue.
Slip and fall insurance is something that will help you pay if one of your employees’ falls down that becomes injured because something was spilled on the floor and they lost their balance. They can be hurt quite badly by this, and you may be held responsible for the medical bills that this brings about. You could also have to pay if they sue you for pain and suffering or emotional damage. Even if you strive to have a clean, safe workplace at all times, this is a good idea. You can never be sure when an accident will happen.
If you have flood insurance, errors and omissions insurance, and slip and fall insurance, you can be sure that a lot of potential problems have already been avoided. This can give you a large degree of peace of mind that can actually help you to do a better job of running your business. In the business world, any degree of security that you can find is a very beneficial thing.