There are different types of insurance for companies. But which insurance is the right one for your company? This is obviously work for your insurance agent. In this article, however, we’ll give you information about some types of insurance that many companies need.
If damage occurs as a result of your product or service, you can be held liable by the party that suffers damage. For example, because a product breaks, causing personal injury. There is a good chance that you will deal with a personal injury victim who engages a personal injury lawyer, for example a personal injury lawyer in Utrecht (in Dutch: letselschade advocaat Utrecht).
Personal injury can lead to high damage and that is why it is good to take out liability insurance for, among other things, product liability.
Did you know that you are also liable for damage caused by your staff? So if your employee causes damage to a customer or a colleague due to a mistake, you as an employer are liable for this. This is another reason why it is wise to take out liability insurance.
In addition to the aforementioned accidents, it is also possible that your employee has an industrial accident. A slippery floor, falling from a ladder or someone falling down a flight of stairs. These are examples of accidents that can occur at work.
In many countries, as an employer, you are always or almost always liable if an employee is involved in an accident during working hours. You are then obliged to compensate the personal injury suffered. And this damage can be enormous. Because what if someone becomes incapacitated for work due to an accident and incurs costs for the maintenance of his or her garden. As an employer, you are then obliged to continue to pay the salary as well as the maintenance costs of the garden. This damage can be significant.
Of course you hope not for your employee, but an accident might happen anytime. In addition, it is possible that an employee becomes ill for a short or long term. You will then have to deal with incapacity for work.
An example is an employee who is bitten in the leg by a dog. If he cannot perform his standing work for you for a number of weeks as a result of the injury caused by the dog bite (in Dutch: hondenbeet) then you will not only miss a worker, you must also provide replacement and incur costs for this. In many countries, as an employer, you must also continue to pay your employee who is incapacitated for work in part or in full.
Absenteeism insurance helps you to cover the damage as a result of your employee’s incapacity for work. This absenteeism insurer then partly or fully pays the wage costs of the sick or injured employee on your behalf. However, it is important to know that there may be a waiting period and that you must therefore continue to pay the salary for a certain period. It is therefore wise to be well informed.
Insurance is therefore important as an entrepreneur. But you probably know that. However, it does not hurt to discuss your insurance portfolio again with your insurance adviser!