6 Types of Insurance Your Business Needs

23 March 2018

Any successful entrepreneur or even a CEO of a large corporation would know that businesses have risks involved. In fact, no business has ever succeeded without taking a certain amount of risk.

While some potential risks may be hard to mitigate or eliminate, insurance can provide coverage should the business experience unforeseen problems and threats. The right types of insurance can help your business survive in the event of a natural disaster, a data security breach, employee or customer injury, or other such business crises.

Here are the six types of insurance that are essential to your business.

Workers’ Compensation Insurance

When a workplace injury happens, the medical and health bills of your employee could pile up, or worse, the injury may render the employee unable to work again. Workers’ Compensation Insurance protects your business and employees by ensuring that they receive medical treatment and are rightfully compensated for a workplace injury.

Providing Workers’ Compensation Insurance shows that you’re invested in your people. As a result, they gain confidence about you as an employer, boost their morale, and ultimately, improve their performance and productivity. In exchange for this insurance benefit, your employee will waive their right to sue your company for their work-related injury, regardless of who was at fault.
Group Life Insurance

Group Life Insurance is life insurance provided by an employer or organization to its employees or members. Because it’s commonly offered as part of an employee benefits package (in addition to group health insurance), the employer retains ownership of the policy, and the coverage is terminated when an employee leaves the company.

The premium for Group Life Insurance is much cheaper than individual insurance policies because the coverage is purchased on a “wholesale” basis.

While some companies provide group life insurance as part of employee benefits, other employers offer it as an option. If the employee agrees to avail the group life insurance, then the company will subsidize a portion of the premium and deduct the rest from the employee’s salary.

Either way, making employees feel protected and insured can increase employee satisfaction, employee engagement, and productivity.
Group Accident Insurance

Much like a group life insurance, Group Accident Insurance is a packaged plan that protects employees from financial burden from any loss or inconveniences caused by an accident such as death, dismemberment, or disability.

With group accident insurance, your employees will be covered whether the accident happened at work or outside of it. However, unlike Workers’ Compensation Insurance, a group accident insurance will not free you from legal liability should the accident happen in the course of their work if the employee decides to pursue any legal action.
Key Man Insurance

What will happen to your business in case of a sudden, unexpected loss of an irreplaceable person? It could be a partner, your C-level executives, or you. In most cases, businesses may suffer or even cease to exist without these key people.

When you decide to purchase Key Man Insurance for the key persons in your organization, the company becomes the policy holder and beneficiary. In the event of a key person’s demise, your business can use the proceeds to survive the blow that the death may cause.

The insurance money will help your business cover the losses until you find a replacement, or in the worst-case scenario, pay off debts, distribute money to investors, pay severance to employees, and close the business accordingly.
Property Insurance

If your business sustains damages from fire, flood, vandalism, theft, or any other natural disasters, it will be highly costly to repair or replace your assets and equipment. Whether you own a commercial property or renting an office space, insuring your business property and assets can help you keep up with the financial burden.

Property Insurance will cover the repair or replacement of business properties and assets damaged by untoward events. This should give enough protection to your earnings in case your business needs to shut down for a while or scale down your operations due to the damage.
Data Breach Insurance or Cyber Liability Insurance

Most businesses handle sensitive information that should be held confidential. But as technology advances, the skills of hackers become more innovative.

When a cyber-attack happens and your data security system is breached, it may cause a myriad of business problems that could damage the reputation of your company and even result in a messy lawsuit.

Data Breach Insurance or Cyber Liability Insurance protects your company from overwhelming costs resulting from a data security breach. The coverage can be used for identity protection solutions, public relations, legal fees, liability, and more.

Also, Data Breach Insurance or Cyber Liability Insurance can help your business prepare for unforeseen cyber-attacks and respond to data security breaches quickly.

You’ve worked hard to build your business from the ground up. It’s your own sweat, blood, and tears, so make sure to protect your business and employees from unforeseen and unexpected crises with the right types of insurance. Simply knowing that your business is insured will help you rest easy and focus on growing your business and achieving goals.

If you want to know more about the types of insurance for businesses, talk to a Corporate Sales Executive of BPI AIA, set an appointment here.

Did you know?

You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

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Protection

Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

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Health

Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

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Life Protection

Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

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Health

Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.

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6 Types of Insurance Your Business Needs

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