There are so many varieties of insurance available nowadays that it can be hard to work out what is essential, what is advised, and what is just there for the insurance company to make a little extra money. Depending on your profession the insurance you need will vary and hopefully you’ll already be covered. If not, the following should help make it a little clearer what insurance types are useful for your chosen career path.
Healthcare Professional Liability
For anyone who works in healthcare, from doctors and nurses to pharmaceutical workers, healthcare professional liability insurance is advised. This will protect you in the event that anything goes wrong in your line of work. Malpractice claims can be costly and time-consuming affairs so being covered is a must for anyone in the profession.
War and Political Risk
If your business or you are operating in a country where war and political unrest are very real threats then war and political risk insurance are useful. For aid workers helping out in impoverished areas, this can protect them, as well as companies whose businesses will be severely affected by revolution or war. This could be through business interruption with war, loss of income, and damage to assets for example.
For those working in agriculture, there is a range of specific insurance types to cover all areas of rural working life. Livestock insurance covers farm animals and will be measured on the number and breed of stock you have. Equine insurance is essential to protect horses, whether they are used for racing or not. Aquaculture covers everything from theft and pollution to stock, to equipment including boats and cages. Forestry insurance can help in case of damage to large wooded areas, either natural or accidental too.
Product recalls can be extremely damaging for a company, especially if reported by the media. Sometimes they can even force a company to go under. For this reason, product recall and contamination insurance are advised for those working in the food and drink, pharmaceutical, and automotive sectors. These are the main areas where a lot of attention is placed upon them if there is a product fault and/or recall, but this kind of insurance can be important to those in other professions as well.
To gain a competitive advantage, companies often take risks. These risks can take many forms, and there can often be a fine line between successfully gaining a competitive edge and crossing a line that could result in a lawsuit. Any CEO will tell you they took risks to build up a successful company, however, many failed CEOs will also tell you some risks ruined their business.