One of the qualities of an entrepreneur is being a risk taker, so from the moment an entrepreneur starts a business he is faced with a business risk. This is why it is very important as an entrepreneur that you have proper insurance in place to mitigate the risks.
As a business owner it is advisable you have your business insured no matter how small the business it because just a single accident could put your business to an end.
As an entrepreneur you should know the type of insurance you need to protect your business against any unforeseen danger you may encounter. These are some of the insurance your business could have.
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1. PROPERTY INSURANCE
Property insurance is very necessary for a business even if the business in question leases or owns where it occupies. Property insurance covers your equipment, furniture, and signage should in case an accident occurs like fire, fire or theft.
But it is important for you to note that in the invent of natural disaster like hurricane, earthquake, flood etc your business is not covered under standard insurance policies though you can sometimes negotiate with your insurer.
2. PRODUCT LIABILITY INSURANCE
If you own a business that deals with production of items for sale then you must have a product liability insurance. Even manufacturers with ISO standards and certifications could sometimes fall into some lawsuit due to some damages it's product may have caused. Safeguard your business with this insurance policy most especially if you are a start up.
In the event of a natural disaster, businesses may likely be interrupted or even fold up. As a result of this, your company will lose income because your employees would not be able to work. This insurance is very necessary if you have a company that has a physical location from where it is operating. Eg retail stores and malls.
During this time, your insurer compensates you for lost income.
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Dear entrepreneurs, please get the right insurance policies for your business to avoid huge financial loses in case of lawsuit or accidents. Visit those insurance companies around you today!