As a business owner, you have a lot to think about. From managing employees to finding new customers, there is always something that needs your attention. One thing that should always be on your mind is insurance. No matter how careful you and those you do business with are, accidents and unexpected events can happen at any time – the last couple years have certainly shown us that! Having insurance can help protect your business from financial ruin.
Here are four types of insurance all businesses should have:
- Disability Insurance
Disability insurance is an important type of insurance that provides income replacement if you or one of your employees becomes disabled and is unable to work. This type of insurance can help cover the costs of medical bills, lost wages, and other expenses associated with a disability. Without disability insurance, you could be faced with significant financial hardship if a disability were to occur.
- Employment Practices Liability Insurance
Employment Practices Liability Insurance (EPLI) is a type of insurance that provides protection against lawsuits from employees who claim they have been treated unfairly. This type of insurance can cover claims related to discrimination, harassment, wrongful termination, and other employment-related issues. Even if you have a small business, it’s important to have EPLI coverage to protect yourself from potential lawsuits.
- Key Person Insurance
Key Person Insurance is a type of insurance that provides coverage if a key employee or owner of a business were to become disabled or pass away. This type of insurance can help cover the costs of finding a replacement employee, paying off business debts, and other expenses associated with the loss of a key employee. If your business relies heavily on one or a few key employees, Key Person Insurance is a must-have.
- Credit Insurance
Credit Insurance is a type of insurance that provides protection against non-payment by customers. This type of insurance can help cover the costs of unpaid invoices, bad debts, and other issues related to customer non-payment. If your business extends credit to customers, Credit Insurance can help protect your bottom line.
Insurance is a crucial aspect of running a business and it’s important to make sure your business has the coverage it needs. At Gerald Shtull & Associates, we specialize in credit insurance and are eager to help you protect your business to ensure long-term success. If you’re ready to learn more about credit insurance and what it means for your business, contact us today.