From the day you set up a company, you expose yourself to certain financial risks. Life is uncertain, and this includes things that could harm your business operations. For instance, terrorism, disasters and storms can disrupt your day-to-day activities. One catastrophic event or lawsuit from your employees, customers or suppliers can easily wipe out the company even before it gets the opportunity to stand on its feet. This is the reason business owners are always advised to conduct a business insurance check-up—so they can protect their business when the unexpected occurs.

Luckily, insurance companies offer a wide range of plans that business owners can consider to protect their enterprises from any form of danger. This post outlines the main types of insurance coverages you may consider for your business.

Property insurance

Your business requires a property insurance plan whether you lease or own the workspace. This policy is designed to cover the company's equipment, inventory, signage and furniture in case theft, storm or fire occurs. But, this plan doesn't include mass-destruction events such as earthquakes and floods. If your company is set up in a place that's prone to natural disasters, be sure to get a separate policy.

Product liability insurance

This policy is required by businesses that manufacture products that are sold in the market. Even if your company adheres to the set rules to ensure each product is safe for use or consumption, it's easy to be involved in a lawsuit. In most cases, this occurs when the products cause damages. This insurance plan will protect the company from such cases, and pay for costs if need be.

Professional liability insurance

Also referred to as errors and omissions insurance, this plan is designed to protect a company from negligence claims resulting from performance mistakes or failures. Since there aren't standard policies for professional liability plans, your insurance company has to customise a policy that suits the needs of your business.

Workers' compensation insurance

After hiring your first employee, this policy must be added. It covers your employees in case they get injured at work or pass away due to their work. Usually, workers' compensation plans pay for medical treatment, death and disability benefits. Even if your business isn't involved in risky activities, your workers can be involved in minor injuries after slipping and falling during the work hours. So, every business needs this plan.

Consider checking an insurance company, like Austwide Insurance Brokers, for more insurance plans to protect the company always.