Learn How To Protect Your Telecommunication Consulting Business With The Right Insurance Plans
Are you thinking about delving into the exciting and thrilling world of telecommunications? With the demand in the industry these days, no one could blame you. That being said, one needs to be aware of the fact that as lucrative and exciting as the world is, it certainly isn’t one that doesn’t come without potential risks. Risks that could end with your company facing lawsuits. While it might be hard to avoid some lawsuits, you do want to make sure that you are financially safeguarded against such threats. The best way to do exactly that is by investing in the right insurance policies. The only problem with this is, knowing exactly which policies are right for your company.
You don’t want to invest in every policy available. While this will protect your company against all unforeseeable threats, it is a process that would grow expensive over the years. Luckily, that’s exactly what you are going to learn here. You’ll learn about the different types of policies available for telecommunication consultants and which might best suit your company.
General Liability Insurance
It doesn’t matter what type of industry you are in, there are certain policies that everyone will need. These policies not only protect in the most practical of situations, but they offer crucial financial protection. General liability coverage would be one of these policies. General liability insurance is a type of policy that will protect your business when it physically harms some or damages their property. It’ll also cover you at your place of business. For instance, if you have customers on your lot and they slip and fall or their car gets damaged by a faulty parking space, this policy will step in and offer the financial protection needed. It’ll cover the costs to repair or replace what needs repairing or replacement.
As a telecommunications consultant, you will probably have a lot of clients in and out of the office. This is a policy that you don’t want to skimp on. All that being said, it does offer additional coverage with advertising fraud and slander. If a competing business claims that your slander their name while advertising or steal their logos or slogans, the coverage will pay for any impending lawsuits.
Professional Liability Insurance
As a telecommunication professional, if you had to choose one policy above all else, it would be professional telecommunications insurance that you’d want to go with. Also known as errors and omissions insurance or professional liability insurance, this is a truly unique policy that protects you, your business, and your employees in several unique ways. First, it offers protection when customers or clients claim that you’ve been negligent. Whether you were or not is an entirely different story, but either way, this policy offers the protection that you need.
Property Insurance
Whether you plan on operating out of your home or renting a small business space, you cannot go wrong with a property insurance policy. While there are tons of these policies and protections available, they all offer similar protections. They’ll protect your business when they are hit by natural disasters, theft, and other things that could potentially cause property damage. You’ll also want to look into bundling with some type of business interruptions insurance. While property policies will pay for the damages and repair costs, there is still the lost revenue that you’ll face.
Your insurance might pay to have half your business rebuilt because of fire damage, but who’s going to pay your employees while they are out of work. Who’s going to cover the money that you won’t be earning while your business is inoperable? Do you just want to write this off as losses? You don’t and luckily, you won’t have to with what is known as business interruptions insurance.
Commercial Auto Insurance
Commercial auto insurance is pretty self-explanatory. It’s a type of coverage that’ll protect you and your employees while they are operating in business vehicles. Whether you are driving to a customer’s place of business to provide advice or you are delivering an invoice to a common customer, this type of policy will offer the financial coverage that one needs when it is needed.
Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?