Small businesses often employ a handful of employees. They are still part of the business assets and therefore, should be protected from liability risks.
Safeguarding those employees from risk means placing safeguards when the business uses machines or providing for them when they experience lost income. Employees who travel a lot for sales pitches must be covered with accident insurance or rehabilitation expenses when necessary.
For manufacturers or distributors a product liability insurance policy may be the best solution to cover the general liabilities associated with the products used by others.
Even if the business entails only office work, workers should enjoy a reimbursement for medical expenses. Whatever industry the company belongs, providing for the protection of workers ensure that they are rewarded for the effort that they put in as an employee of a company. It is also a good labor practice.
If worse comes to be worst, giving a death benefit to the family of the deceased employee further enhances the image of the company.
For businesses that are experiencing robust growth due, mainly to the creativity and talent of a focal person, it is of utmost importance that his or her presence is equated with a liability insurance policy.
If this focal employee is injured, disabled, or dead, then the key person insurance takes care of recovering any income lost due to the death or disability of this person.
Moreover, while looking for a new recruit and training him or her for the job, the business has the resources to cover for such activities.
Think Steve Jobs and his impact on Apple. His demise has implications on the direction and value of the company which he started.