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Why insure your business?

ArticleID 113  
Writer Isaac Thuku
Category Personal Article



Insurance is the transfer of the risk of a loss from one party to another in exchange for payment. Business Insurance is a form of risk management which protects entrepreneurs from incurring losses as a result of fires, car accidents, personal accidents, sickness and death. These calamities can change or even end the course of a business venture. Many businesses without an insurance cover are wiped out completely when disaster strikes. Insuring a business will give you a second chance of restructuring even after such occurrences.


Business insurance covers different categories, each having different benefits from the other. Always consider the cost and suitability of the insurance cover you opt for. Both small and big businesses need to ensure they are insured and prevent he inevitable loss of property, cash and any form of investment.


Business insurance can be in the form of property and casualty. This covers the physical location of the business from theft, fire, floods, earthquakes and any hazard of physical nature. Majority of businesses are covered with this.


Commercial Auto insurance is responsible for covering businesses from loss or damage to vehicles used by your business and for damage to others caused by your business vehicles. This only covers damages caused by motor vehicles only.


Liability insurance covers you when someone has decided to sue you for negligence which can occur for instance if someone gets injured in your premises. You will enjoy immunity from prosecution and prevent your business from a scandal.


Product Liability Insurance covers your business from damages which can be caused by a product designed, supplied or even manufactured by your business. For instance if you deal in supplying beauty products which may turn to be allergic to some consumers, product liability insurance will cover you from whatever damage caused by the products.


Business interruption insurance caters for lost cash flow and profits which came as a result of an interruption of your normal business operations. Interruption can be due to a power breakout or people creating disturbance in your business.


Health insurance provides a health cover for you and all your employees. Whenever you or any of your employees is sick, the health insurance will cater for all the medication and expenses incurred. This insurance cover should not be confused to cover the families of both the entrepreneur and the employees.


Life and disability insurance is responsible for covering your business whenever a key business owner, partner or employee has died. The business will be safe no matter the change in management, from one executive to another.


Workers compensation insurance covers your employees if they happen to get injured in the job. Working in a company or a manufacturing industry comes with greater exposure to accidents which may affect your employees causing serious injuries which can lead to death if not taken care of immediately. This insurance cover ensures that employees’ safety is safeguarded and if an accident occurs by chance, the employees will get treatment of the injuries until they are healed, no matter the duration or the cost. This only deals with employees’ injury at work and not anywhere else.


Why insure your business
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