Have you ever wondered, what might happen to your business in the event of a natural disaster, such as an earthquake or flood or if a fire destroyed your place of business, or a machine break downs leading to loss of production? It is always prudent to consider protecting your business and yourself from a variety of risks that you may find yourself in—just in case.

There are several types of essential insurance coverage for small business owners:

Comprehensive Business Package Insurance: Such a policy will include business interruption insurance, property insurance, burglary cover and liability insurance. Based on your specific needs, you can alter what can be included in this cover. You can save on premium by choosing a comprehensive cover because the bundle of services is generally at lower costs.

Property Insurance: Should be considered to protect your assets including your business property, office equipment, computers, inventory, tools etc. You could also consider business interruption insurance to compensate for any loss of earnings if the business is unable to operate.

Liability Insurance: Every business needs to have liability insurance. The policy provides costs for both defense and damages if you, your employees or your products or services lead to Bodily Injury or Property Damage to your customers.

Employee Compensation Insurance: This type of insurance provides cover against the legal liability as an employer to your workers/ employees and medical benefits to workers/employees who are injured while on the job. As a business owner, it is very important to have Employee compensation insurance as it protects yourself and your company from legal hassles.

Group Health Insurance: This cover provides medical benefit cover to all your employees under one policy which reflects your organisation’s cognizance of employee welfare apart from providing financial cover for medical benefits to the employees.

While these are some policies that you may consider to keep your business safe, it is always helpful to have with the Insurance company who can help you determine the correct covers to protect your company.