Commercial Insurance: Your Questions Answerred
Buying commercial insurance can be hard, especially the first time. Hi, my name is Nikki, and in my group of friends, at least half a dozen of them have started their own businesses. Because I have had a business since I left uni, they all turned to me with questions. In particular, they had lots of questions about commercial insurance. In this blog, I am going to answer their questions, and I will also look at other concepts that I think may be confusing to first time buyers of commercial insurance.
I love writing, but I have never tried blogging before. I hope that you like the results, and I invite you to share them!
Workers' compensation is an insurance cover for employees, and it is claimed because of an injury or sickness emanating from a workplace. The claim covers medical and rehabilitation expenses coupled with lost wages while an injured or sick employee is not at work. In Australia, it is mandatory to take workers' compensation for employees. Not only does the cover ensure compliance with employment laws, but it also minimises the likelihood of being sued by staff due to negligence in the workplace.
When you choose to venture into entrepreneurship, you open up yourself to a host of risks. Before even having your staff employed, your small business will already be at risk of various things and as such, it is pertinent to figure out your business insurance options before opening up shop. In the event that you are hit with an insurmountable lawsuit before your business is on its feet, it could be enough to annihilate the entire venture.