When a small business is in its growth stage, it is essential for the business owner to consider buying these insurance covers that are typically fit into an office insurance plan.
1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides damages if you, your employees or your products or services cause bodily Injury or property damage to a third party.
2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.
3. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications.
An office package policy covers everything a business owner would need. Based on your company’s specific needs, you can alter what is included in an office insurance policy. Typically, a business owner will save money by choosing a package policy because the bundle of services often costs less than the total cost of all the individual coverages.
