Creating a business is always connected with risks. This is a large cash investment, which often involves borrowed funds. Insurance in this case will help to reduce the losses that appear at the start of commercial activity. And this is not so rare. Therefore, it is better to take care of insurance in advance.
Entrepreneurs are a very large target audience for insurance companies around the world. Nevertheless, in Belarus they buy insurances rarely. We do not take into account compulsory insurance. These are the norms of legislation. It is a question of voluntary types of insurance for business. So far, our entrepreneurs are not very willing to do so.
There can be several reasons. And one of them is the lack of knowledge about the product and the opportunities that it offers. Therefore, let’s talk about types of business insurance in more detail. Know about it more now from https://geoffreyjthompson.wordpress.com.
Types of insurance for beginners
- The first and, perhaps most obvious, is the insurance of personnel. Most likely, a novice businessman does not have multimillion-dollar assets, a lot of expensive equipment and unlimited inventory. At the initial stage, the main value in the company is the people who work there.
- There are several products that protect the staff: medical expenses insurance and accident insurance. The first reimburses a person’s costs for treatment, starting with ARI and ending with surgery. And insurance against accidents is compensation for trauma.
- Another area of insurance that should be paid attention is liability insurance, namely insurance of professional responsibility and liability of the commodity producer. Often entrepreneurs about this did not even hear. Meanwhile, this policy protects the client of the insured company from risks and claims related to poor service or problematic products.
- In addition, the responsibility of the company is not always limited to the finished product. It can include warranty and post-warranty service, advice and further support. It turns out, even before the conclusion of the insurance contract, it is necessary to analyze and identify possible claims from the customer.
Obviously, any nuances make this type of insurance one of the most difficult. In our country, such insurance is usually purchased at the request of foreign partners, because in Europe the existence of such a policy is considered the norm of doing business. It happens that a company without such insurance loses large foreign customers.
If you have significant tangible assets: real estate or expensive equipment, it is worth paying attention to property insurance against various risks. This includes various unforeseen situations in which property may suffer: fire, natural disaster, etc. Also, if there is a corporate motor transport, it will be relevant.