The rule of thumb when it comes to insurance is to have insurance coverage for everything you can't afford to lose. This is even more important when you're talking about your business. Regardless of the type of business you're in, you definitely have a number of assets without which your business wouldn't survive. If you have a construction company, for example, you need to protect your lorries and other construction equipment from theft or accidental damage. Or if you have a staff member who's vital to your operations, you also need to insure him or her with key man insurance.
Most types of business insurance policies are optional, meaning that the law doesn't require you to have those when you run a business. However, there is also one that you are required to take out, called WorkSafe Injury Insurance.
This type of insurance was created for businesses that have staff members. If you are the owner of a company that falls under that category, you are required by law to protect your employees with WorkSafe Injury Insurance. As the name would suggest, it helps protect your staff from workplace-related injuries.
Of course, you should also consider protecting yourself as well. If yours is an incorporated company, WorkSafe Injury Insurance will automatically cover you. However, if you are a single proprietor or part of a partnership, you'll need to take out Sickness and Accident Insurance instead.
Other Types of Insurance for Your Protection
You shouldn't stop at those types of insurance we mentioned. Whether you are a single proprietor or head of a corporation, income protection insurance would also be an important part of your range of insurance products. This comes in handy when you get sick or injured and are unable to work. With this type of insurance, you will still be able to receive regular salary, even while you're recovering.
Business interruption insurance, meanwhile, will help you replace your assets in case of fire, natural disaster, or other types of damage as determined by the insurer. You would need this if your business involves a lot of machinery or equipment that's prone to damage.
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