Worker’s Compensation Insurance
If you have employees, you need workers compensation insurance. Workers compensation is a state mandated “no fault” insurance system that pays benefits to workers injured on the job to cover medical care, part of lost wages or permanent disability. In return, employers receive immunity from civil lawsuits by employees. Start-up operations usually find that the state compensation fund can accommodate their needs and, as your business grows, you can shop around.
Other Insurance
Additional insurance policies would include auto coverage for company vehicles and health Insurance plans. When planning your business’ insurance needs, discuss everything with your insurance agent. The more your agent knows about you and your company, the better he can determine what types of insurance you need. Some tips when considering buying an insurance policy are:
- o Belong to an association
- o Compare coverage
- o Assess your industry’s settlements
- o Get the package deal
- o Find a specialized broker
With the right insurance, your business will be able to weather any storm, natural or financial.
