Business Insurance

Why Get Business Insurance in Indiana
In Indiana, business lawsuits do happen. Mistakes which lead to accidents can happen to anyone, at any time. Employees are human just like everyone else and unfortunately, errors do occur. The really frightening part of this, at least for a business owner, is that even one lawsuit and court judgment against a company can cause financial ruin if the business is not covered by liability insurance.

Indiana business insurance offers protection to all businesses, old or new, big or small. In Indiana, many older established businesses are covered by Indiana business liability protection. However, some new businesses still don’t have adequate coverage or worse no coverage at all. In many ways, new businesses are considered more vulnerable than older ones. One reason for this is that many older companies in Indiana already understand the importance of liability coverage through first-hand experience. So if an accident or weather-related event happens, these businesses are fully protected from having to pay out-of-pocket for any damages or a lawsuit. Every company should include liability insurance as an important part of its financial and business plans.

Worker’s Compensation in Indiana
The state of Indiana wrote its law on worker’s compensation to be as clear as possible. Employers are required to provide worker’s compensation insurance either by purchasing it from private insurance carriers or through self-insurance. There are only two exceptions to this law:

  1. Domestic Employees or Agricultural Workers
  2. Sub-contract laborers

The Worker’s Compensation Law in Indiana also includes a waiting period of 7 days prior to claiming disability benefits. This is applicable only to workers who are claiming Temporary disability, not Permanent disability. Temporary disability is when the worker is expected to return to work after a certain period of time. On the other hand, permanent disability is claimed when the injured worker is unable to return to work permanently. If a worker returns to work before the completion of the waiting period, he or she will not be paid benefits.

Coverage for Indiana Business Insurance
Basic Indiana business liability insurance must include the following coverage options:

  • physical injury
  • advertising injury
  • property damage

Some businesses need more than basic Indiana business liability insurance. The only way to determine if you need additional coverage is by evaluating the services which your company provides and what type of industry your business is engaged in. For example, if your company is involved in manufacturing, Indiana product liability insurance should be included in your insurance policy. This protects your business in the event it manufacturers a faulty product which causes serious injury or death to a customer. In this case, the injured victim or the victim’s family has every right to sue your company for the damages brought about by the faulty product. These damages can be extremely costly and can even be more than the company’s available funds. Having the proper Indiana business liability insurance coverage will ensure that any lawsuit and the resulting settlement does not destroy your business.

Before you decide on a business liability insurance policy, speak with several different companies and compare quotes. You can do this easily and securely online. In the end, you want a comprehensive policy which protects your business and your employees in the event of an unexpected accident or other covered disaster. This keeps your business and its bottom line healthy and secure!