Insurance is an essential part of reducing risk, particularly those that may accompany a natural disaster.
Your insurance requirements will vary depending on the type of business you have. In general, you must have the following types of compulsory insurance:
- workers compensation – if your business has employees
- third party personal injury insurance – if your business has motor vehicles
- public liability insurance – for certain types of businesses.
Although not compulsory, you may like to consider insuring your assets, revenue and liabilities to protect your business against potential risk, such as those that may arise from accident, theft, or natural disaster.
Be sure to review your insurance policy carefully as coverage will vary from one insurer to another.
Download our factsheet on business insurance for more information.