subject: Three Types Of Insurance For Business Professionals [print this page] Three Types Of Insurance For Business Professionals
Business professionals should look into insurance policies because they need to make sure that some sort of a financial crisis does not ruin their company. If the person has started the business, this is even more important--they will not have anyone over them in the management ladder that can take care of the problem. It will affect them directly. In order to keep their main source of income safe and secure, a business professional should look into slip and fall insurance, error and omissions insurance, and property insurance. These will cover a few of the different problems that could arise that could lead directly to their losing money or losing the business completely.
Slip and fall insurance is a type of policy that will pay for a person's medical bills if they have an accident on a business' property and want to hold the business owner responsible for what happened to them. They could slip on a wet floor that was not marked or on stairs that have fallen into disrepair. Either way, they could then want the business to have to pay, saying that they were at fault for having an unsafe environment and causing the accident. They could very well be right, and slip and fall insurance can cover all of the costs of such an unfortunate event so that the business does not see the loss of needed capital that could ruin future operations.
Error and omissions insurance covers mistakes that a business professional makes that lead directly to a client or customer losing money. Real estate agents and stockbrokers are two people who should seriously consider this type of insurance, though it can be helpful for anyone to have if the right situation comes up. The person who lost the money will likely sue to get it back if they feel that the mistake was the sole reason for the loss, so having a policy in place to provide them with this money could keep a business safe.
Property insurance just provides money to have the buildings repaired if they are damaged by some sort of an accident--a pipe bursting and flooding the offices, for example. This could make it impossible for the business to do any work. Every day that it takes to get things fixed, is one more days without income, increasing the cost of the accident with each hour?
All told, business professionals need to look into slip and fall insurance, error and omissions insurance, and property insurance no matter what kind of business they run. These things can provide peace of mind and will make sure that the business' interests and income are protected at all times.
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