As a female in a leadership role in business, you have to make certain that you cover all your legal bases. Though the world is changing a bit, women still make less than men, and women are still treated a bit different when it comes to many aspects of business.
It’s important that you look after your investments, and purchase the protection you need from the foes of the world. Learn more, and check out a quick synopsis of just a few of the most pivotal types of insurance you will need as a female entrepreneur.
Workers’ Compensation Insurance
Once you hire your very first employee, you are legally liable to hold a Workers’ Compensation Insurance policy. You need to make sure there is financial protection in the instance that one of your employees is injured, permanently disabled, or killed on the job.
Carrying a Workers’ Compensation policy will assure the people who work for you that you will do your best as a business owner to provide for their families should something terrible happen. If you do not have a current policy, and someone is hurt, your business could face steep legal penalties.
Professional Liability Insurance
Professional Liability Insurance is for the days when you simply cannot keep your employees in check. You can’t watch over every single aspect of your organization, so insurance coverage is great for those unintended mishaps.
Professional Liability Insurance is built to provide financial support in the case of harm or failure caused by the lack of professionalism on the part of someone representing your business. Also known as Errors and Omissions insurance, you’ll feel safer knowing that a bad situation has hope.
Product Liability Insurance
Should the integrity of your product fail, you could face a terrible battle in court, especially if someone is injured. Play it safe, and make sure you carry an up to date Product Liability policy to protect your investments from legal intrusion.
Not every business has a need for vehicle insurance, but you’ll need it if you plan to use transportation in any part of your operation. There are always inherent dangers when you are responsible for someone else’s actions behind the wheel of a vehicle.
Don’t be a fool, and think that insurance is simply a suggestion. You could lose your whole operation over one bad day, if you don’t properly plan and protect your investments.
Business Interruption Insurance
Business Interruption Insurance is most helpful when you own a brick and mortar establishment. In the case of a catastrophic event or natural disaster, your Business Interruption insurance policy will reimburse your company the financial losses you incur during the fallout.