From DAY ONE of you starting a business, you are exposed to several risks that could threaten the smooth functioning and growth of your business. It is critical for you to ensure that your business runs on all legal grounds adhering to the rules and regulations because one lawsuit is enough to tarnish the reputation of the company or in worst cases, wipeout the entire business altogether. Taking out insurance on your business is essential to protect all aspects of your business function. Employee Insurance service provider will help MNCs tend to understand the gravity of the situation and the supposed volume of risk they could face if they do not take out insurance. Small to Medium businesses on the other hand may not take this matter very seriously and may thwart the decision to take out an insurance completely.
At RTCS, one of the best HR services and solutions company, we provide expert advisory on the best types of insurances to cover all aspects of your business and protect your company from unforeseen circumstances. Effective risk management is the fundamental aspect of smooth business functioning.
1. General Liability Insurance: Depending on the type of your business, it is important to have a liability insurance in case your employees cause bodily injury, property damage, etc to a third party or cause damage to the business operations.
2. Property Insurance: Your business unit includes the building and the business equipment within it such as computers, desks, processors, etc which need to be protected against unforeseen circumstances like theft, fire, vandalism, etc.
3. Commercial Auto Insurance: This insurance policy is aimed at protecting your cars, SUVs, etc against damage, accidents and collisions. The policy can even be extended to employees who drive their own cars to work under a non-owned auto liability.
4. Worker’s Compensation: This is the most common type of insurance policy that employers tend to take because of its features. Under such a policy, if an employee is injured, in exchange for wage replacement and medical benefits, the employee gives up his right to sue the employer for damage done. This means both the interests of the employer and the employee are safeguarded.
5. Group Health Insurance: This type of insurance considers both employers and employees as beneficiaries and is provided by the employer to the employee. Usually, huge organizations tend to take out a group health insurance wherein the coverage plan varies according to the company size and the type of organization. The most sought after reason as to why companies consider this an essential insurance policy is to maintain employee retention which ultimately aids in the growth and development of the company in addition to keeping up the company’s reputation. The policy is aimed at protecting the employees against medical issues faced within the company premises. With our expert advisory, you can find out how you can secure your staff members.
6. Group Personal Accident Insurance: Another essential insurance policy for organizations, this insurance aim to insure their employees against serious medical incidents like permanent disablement, loss of eyes, loss of limbs, accidental death, etc.
7. Disability Insurance - This insurance policy ensures that your employees receives coverage wherein in case of serious disability and the associated leaves, the employee receives their paycheck as they are unable to perform their regular job tasks efficiently.
You could get sued - One accident, one broken contract is all it takes for you to end up in a lawsuit consequently leading to damage to your company’s reputation. Suppose you can afford the lawyer fees for your defense, you may still run out of capital to carry your business forward post all the legal measures. Therefore, as a matter of ‘prevention better than cure’, taking out an insurance (liability insurance for example) can help you mitigate these incidents with ease giving you a much smaller scale of distress and ability to focus on the growth of your business.
Keeps your Business Steady - In the face of unforeseen and uncontrollable events such as natural disasters or social calamities, your business may have had to shut down. In such a situation you will be facing a period of financial downfall due to a cease in the course of your main income. Taking out a Business Owners Insurance can help you from fall down and under by compensating an amount based on the income you would be earning during the inactive business period.
Makes the company look Legit and Credible - Believe it or not, your decision to provide insurance to your employees will make you look like a safe bet. Employees will be spending a major chunk of their days at your business unit, hence they would want to be insured against injuries and unwanted incidents. Knowing that their employer cares about them enough to take out say medical insurance, automobile insurance etc on them immediately ups the ante when it comes to portraying the company in a positive light.
Protects your Employees - Your employees are the drivers to your business success. They are the turning cogs of the machine, therefore it important to protect their rights to be insured against unforeseen incidents. This can in turn protect you from unwanted liabilities and lawsuits due to an uncontrollable incident within the work premises.
RTCS provides total HR solutions that covers a number of facets such as employment screening services, HR outsourcing services , etc which are important for the smooth functioning of your business. In addition to the above insurance advisory, we provide expert advisory on more fringe insurance policies as well. Safeguard yourself, your business and your employees from unwanted harm by taking out an insurance policy. Talk to one our experts for expert insurance advisory.