Oncken Insurance Agency, P.C. Blog
Businesses have suffered financially since the announcement of a global pandemic. The government had mandated lockdowns and shutdowns as a preventive measure. In this article are tips how to face the pandemic with business insurance.
Claim Your Money Back
Business owners may claim their money back with Business Interruption Insurance. This insurance covers companies that have suffered from financial loss. However, to claim it, you must have purchased it before the pandemic took place.
When an event is canceled, there is Event insurance that organizers have in place. However, many policies did not include pandemics. It is unlikely for you to claim your money back unless you had it covered ago.
If the said event is canceled and you had already booked a flight, hotel, or other costs, you may claim your money back with Business Travel Insurance. Although to claim it, you should have booked it before the announcement of the global pandemic.
Provide a Safe Environment for Your Employees
All businesses have to take responsibility for protecting their employees by providing them a safe environment to work in. They should maintain social distancing and execute proper sanitation to prevent the spread of the virus.
If the company is found to be disregarding safety guidelines, the employee may sue the company. This is the time that insurance will serve its purpose. Workers Compensation is legally required by all employers to cover for medical costs from injuries or illnesses.
Protect Your Business from Lawsuits
Businesses are met with different kinds of challenges that make it hard for them to maintain normal operations. There are also existing deadlines that are hard to meet because these challenges and unmet contractual agreements may result in litigation.
Professional Indemnity Insurance or Errors and Omissions Insurance can cover the costs of those lawsuits. It is designed to cover a wide range of variety from different insurers and is commonly the most expensive type of insurance since it pays out the most.
Knowing more about business insurance will not only help your business but also help the people that work for you and create a safe environment for them. It is also known that many businesses are met with financial issues since a lot of them cannot operate at its full potential. Business insurance will surely help you with those issues.
At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.