To avoid the mistakes made by many entrepreneurs who do not get an adequate insurance cover, a business owner needs to think and plan for all possible scenarios whether they are negative or positive. Here are the types of insurance covers and why it is necessary you get them as a female entrepreneur.
Women will often find that they don’t have the same opportunities in the business world as men and have to work that little bit harder to succeed. As a woman in business, it’s important to recognise that you can’t predict what the future holds and having the appropriate forms of protection in place from the beginning will always be more of a help than a hinderance to you. Read on to find out how there are various types of business protection that can help secure the dream that you have worked so hard towards.
1. Professional Indemnity Insurance
In the event that you make a mistake whilst working on a project or fulfilling a contract, you need to have some kind of professional indemnity policy in place to ensure that you will not be held financially viable for some form of human error. This is an effective and worthwhile type of insurance to look in to as all of our professions will have instances where the mistakes we make could result in very real financial consequences.
2. Workers’ Compensation:
This insurance plan covers you for employees who are injured on the job. It includes rehabilitation and medical costs. It also protects you against lawsuits if the family of the injured employee sues. Other lawsuits which it can cover include claims of discrimination and sexual harassment in the workplace.
4. Long-term Disability Insurance:
An accident or a serious illness can lead to disability which can prevent you from attending to your business over a long period. Having an insurance cover that caters to your daily expenses for the period you are unable to work is important.
5. Life Insurance:
If you have loved ones who depend on you for financial support, it is a wise decision to have life insurance cover that will support them in the event of your death. This gives you peace of mind to focus on your business knowing that your family will be cared for after your death.
Having an adequate insurance cover is as important as starting a business. It protects not only your business but also for your loved ones. Working as a woman in business will present you with a unique set of challenges that many of your male counterparts won’t even have to consider.
The argument can be made that it is a lot harder for women to succeed in business than it is for men. By working hard to establish yourself, and to never take no for an answer, you can hope to enjoy all the wealth and success that comes for men as well. Being tripped up by something that could have been covered by insurance is a senseless way of throwing out all your hard work.