2. Product liability insurance

Any company that manufacture, wholesale, distribute, or retail a product is always liable for its safety. Product liability insurance covers the claims against financial loss or damage caused to property or a person caused by a product. Thus, before you supply or design a product try to consult your insurer and discuss about the coverage you require for your business. Cost of coverage depends on the products you manufacture or sell, for instance—a clothing manufacturer is exposed to less risk when compared to a pharmaceutical company.

3. Worker’s Compensation

Insure your employees! Yes, most of the companies have included worker’s compensation systems. Worker’s compensation system provides insurance to employees who get injured on duty, including wage replacement and medical benefits. In return, the employer should take the initiative to participate in a system that provides their employees with automatic payment for injuries caused while at workplace. In order to avoid all the legal complications that you might face in the future, it is advisable to take worker’s compensation coverage when starting a business.

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