Your employees expect many things from you in return for them working hard for you every day. They trust that you will ensure business keeps running, paychecks are on time and you’re protecting their livelihood. One way you can ensure you’re meeting their expectations, even in the face of disaster, is securing the right insurance to protect your business.
Commercial Auto - If your employees use their personal vehicle to run company errands, it’s important that you protect them under your commercial auto policy. If your employee drives a company vehicle, the proper commercial auto insurance guarantees your property is protected and you can continue running your business effectively even if a commercial vehicle is damaged during an accident. It also covers your employee’s injuries, should they have any.
Worker’s Compensation - If one of your employees is injured on the job, you’re expected to continue paying their wages while they are unable to work and recover from their injury. A worker’s compensation policy ensures that you can meet any financial obligations you owe to employees injured while working for your company.
Liability - A general liability policy may help prevent your company from going bankrupt should you suffer a large liability claim. It can also protect your business should you hire medical, legal, or other professionals for your business and their negligence results in errors, omissions or malpractice.
Business Interruption Insurance - If an insurable event occurs that destroys your business and causes your company to lose income while you rebuild, business interruption insurance could help keep your employees on the payroll. Business interruption coverage, as part of your commercial property insurance policy, replaces lost profits and provides benefits to pay for a temporary location. This not only allows you to continue paying employees while rebuilding but it also ensures your staff will have a job to return to once you are ready to begin work again.
Key Person Life Insurance - There are instances where a business employees someone who are essential to your business’ future. Without these key employees, business income would suffer a devastating blow and rank-and-file staff could find themselves out of work. Key person life insurance provides a death benefit to your business in the event that a necessary employee passes away. This benefit can help pay for the costs of recruiting a replacement and supplement any lost income that your business suffers, which can help keep all your other employees paid.
Employers tend to limit the ways they can help employees to group health and life insurance benefits, but the right business insurance policies can keep your business going and your employees paid even in the worst circumstances. If you want to learn about any of these Austin Business Insurance policies and how they can help your business, give CapCity Insurance Services a call at 512-222-8805.