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Originally Posted On: https://infolific.com/money-management/get-insurance-tailored-to-profession/
Whether you’re running a well-established company or you’re a registered small business offering professional service, it is important to take measures to protect your venture as well as yourself. There are so many challenges that businesses face before becoming a household name in the local area or even expanding their territories across the borders. However, a single event such as the injury of an employee at the workplace or a fire incident can bring your business to its knees. These are just two examples of the many things that make it important for business owners to secure their businesses with proper insurance.
The importance of business insurance can never be overstated. Shelly Haymore from Connect BI (https://connectbi.com.au/) says that every business should have business insurance, which will protect them against the risks that may come with running a company. And with so many types of business insurance out there, it is definitely crucial to pick a policy that is tailored to your profession. Below are some pointers explaining why this is the case.
It protects you from potential lawsuits
Especially if you’re in a professional service delivery field such as medicine, law, accounting or financial advice, getting a profession-specific insurance cover is very imperative. This is mainly because of the various risks that you face. For instance, a simple mistake in diagnosis could lead you to provide the wrong treatment prescription to a patient if you’re a doctor. Likewise, if you’re an accountant, a simple mistake such as overstating your client’s profits due to an error or omission could easily lead to a series of lawsuits at some point in time. Professional indemnity insurance can protect you in such and other cases involving errors, omissions, negligence, accidents, and even what would be considered as malpractice.
You can protect your staff
If you’re a registered company, higher chances are that you’re not working alone. If you’re working as a contractor in the construction business, for example, getting personal injury cover or workers’ compensation insurance for your employees will not only protect you from suits involving workplace injury or disability claims, but it will also keep your staff motivated knowing that they are covered in case the unfortunate were to happen. Remember, employees, are among the most important assets in any business or organization.
It protects your business assets
The operation of your business depends on your business equipment and other assets such as real property, no doubt about that. However, situations occur when these assets or their integrity is threatened. Things such as fires, natural disasters, and vandalism, just to name a few, can lead to costly damages that may cripple your business in a breeze. Depending on what your profession is, or the kind of business you’re operating, it is essential to have business insurance that will address your needs.
To protect the financial side of things from suits and third-party claims, you would require to get a business liability insurance policy. As a matter of fact, BLI may also cover any costs incurred after someone sustains to injuries while at the company’s premises. It can also cover any costs incurred due to such occurrences, including defense fees and court charges. The policy also protects property damage and can cover the costs of damages resulting from an employee working on behalf of the company. Other things that BLI can cover may include, but not limited to copyright infringement, slander, libel, and other misleading advertising information.
In the case of assets such as equipment and real property, some insurance companies also offer specific policies such as plant equipment, insurance, fire insurance, water damage insurance, among others. It is up to you to choose a policy that best suits your needs and preferences as a professional service provider.
It gives you peace of mind
As a professional service provider, it is not unusual to get worried and troubled by the risks you face every day when undertaking your usual duties. Knowing that you’re protected in case something unpleasant was to happen will definitely give you some peace of mind. This, in turn, can boost your productivity and even contribute to skyrocketing your practice.
As you can clearly see, there are many benefits to having business insurance. Most importantly, having a profession-specific insurance cover is vital to your business, practice, and growth. In a parting shot, you have all the reasons to do some research and determine the type of insurance you need. After this, all you have to do is choose an insurance provider that will give you the best cover, tailored to your needs.