Running a business is not only about making a living out of products and services but also a social responsibility people have to fulfil. For example, companies need to secure their employee’s future by getting them an insurance policy. There are many reasons a business or company should provide insurance benefits to their people: by law, public liability, and business assets. However, which insurance policies should companies offer? Here are some ideas.
Compulsory insurance is a type of insurance required by law. For example, a company needs to insure its property against fire damage, including the equipment and office furniture. They also must insure their vehicles against accidents and third-party claims in case of injury.
Companies must provide their employees with workers' compensation and employers' liability insurance. The insurance policy covers the employee’s health and safety and the employer’s liability. It is also a way to show care and concern for the people providing their service for the company, aside from the monetary assistance provided.
The workers' compensation insurance is in place to provide monetary help for employees who have been injured during work. It is no-fault insurance, meaning the injured employee does not need to prove that the injury was the employer's fault. The insurance policy will pay the employee’s medical bills and salary during recovery.
Usually, the insurance policy includes salary replacement, medical care, rehabilitation and death benefits as deemed necessary. It also protects employees who will experience accidents while working and will receive monetary assistance for the time they will not serve due to their injuries.
In Australia, the sub-contractors must get insurance for their workers if they work on a construction site. The contractor will not be held liable for any accidents and injuries the employees may experience.
The contractor will be liable if they have not told the sub-contractor to get insurance to cover the employees. Ask the sub-contractor if they have insurance before hiring them so you will not be caught in the middle of something terrible.
Personal liability insurance is essential for contractors because it will protect you against any legal action taken against you. If someone sues you for something your company did, you will be covered by the insurance.
Loss of income insurance is essential because you will still get paid if you get injured on the job and cannot work. It is crucial for self-employed people because they do not have the same protection as full-time employees.
If you are in the e-commerce industry, you must ensure your inventory. If you are in the stock market, you will need to ensure your stocks, and if you are in the real estate industry, you will need to insure your assets. The insurance protects you in case of damage, theft, or other events that could harm your business’s inventory or assets. Overall, it should safeguard everything that contributes to your business' success.
There are many different types of insurance that you can get for your business. The most common type is property insurance, which protects your business from damage caused by fire, theft, and other property-related events. Generally, the more insurance you have, you will be better protected against potential risks. However, insurance can be expensive, so you will need to balance the cost of insurance against the potential risks to your business.
Ensura offers business insurance in Australia, helping businesses do more for their employees. We provide insurance policies packaged and designed to provide holistic cover for businesses. Our commercial insurance brokers should help you find ways to get the best deals possible. Speak to an insurance broker near you or book an appointment through our website today.
Disclaimer: As with any insurance, the cover will be subject to the terms, conditions, and exclusions contained in the policy document. The information on this webpage is general and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only. They are not intended to provide specific advice or recommendations for any individual or in any particular insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time.
