Running any business involves putting your finances at risk. Therefore, it is prudent to reduce the risk by investing in business insurance. Business insurance protects you, as the business owner, your employees, and assets from theft, accidents, lawsuits, and damage to your company properties, product recalls, and other potential financial losses.
At GEC insurance services, we could provide financial support if your business is unable to operate in the event of accidents or natural disasters. Thick about how you could bounce back if your equipment, stock, or even business premises is badly destroyed. Would you manage to continue running your business? Would you recover from the massive financial loss?
We provide a variety of policies to protect any size of business from financial losses. There is a wide range of insurance policies for different types of businesses.
At GEC insurance services, we offer all types of insurance policies at affordable prices. We customize policies to match your business needs. Let’s look at several essential policies for all businesses, regardless of their industries.
General Liability Insurance
General liability insurance protects you and your enterprise from claims involving property damage, bodily injuries caused by business operations, or accidents that happen on your business premises.
Though general liability is a broad policy, it does not cover all the risks a business is exposed to. As said earlier, GLI has various levels of coverage. A policy may be customized to include premises coverage, which means the enterprise is protected from all claims that could occur on its physical location during operations.
A policy may also be customized to include coverage for property damage and bodily injury caused by a finished product or service provided in a different location. We advise business owners to acquire other liability covers to cater for claims not included in the general liability policy.
Numerous small business owners think that general liability insurance is too expensive for them. Every business, whether small or big, is exposed to a certain level of risk. In fact, a small business might suffer more from the implications of a liability claim. For that reason, every business should purchase at least a standard General Liability Insurance to protect itself from financial losses.
Workers Compensation Insurance
Workers’ compensation policy compensates lost wages, medical expenses, and rehabilitation costs for employees who get injured when on a duty call. Besides, we also offer death benefits to families of workers who die in their job.
This policy is meant to protect you, the employer, and employees in the event of an accident or illness while on the job. Rules and regulations concerning workers’ compensation policy vary from one state to another. However, every business is expected to have proper coverage for injured workers.
Employees can only file claims for workers’ compensation if the injury occurred while on duty or the illness is caused by the nature of their job. Examples of injuries that could be compensated by workers’ compensation policy include an accident while operating machinery or a slip or fall in the workplace.
Commercial Auto Insurance
Commercial auto insurance is a policy that covers vans, trucks, and cars used in business operations. This protects you, as the business owner, from liability coverages and financial losses due to physical damage to your business vehicles.
Commercial auto insurance covers a wide range of vehicles, including food trucks, utility trucks, box trucks, and work vans. It is prudent to know that business vehicles are excepted from your personal auto insurance policies. Thus, you need additional coverage for commercial vehicles.