Protecting your employees is one of the most important aspects of running a business. In order to achieve this goal, one of the best steps you can make is taking out an appropriate insurance policy. Though standard workers’ compensation is a start, there are actually plenty of circumstances where traditional coverage falls short of what a business requires. For many institutions, Defense Base Act coverage is a necessary addition to coverage. Review these points to learn more and see if this is a good fit for your needs.
Define the Parameters
It is important to note that DBA coverage is not optional for many businesses. In fact, it is legally required for any businesses that hold active contracts with the government of the United States. Failing to take out this coverage when it is required of you by law can lead to massive fines, legal action, and a mess of other complications. Thankfully, you can stay compliant by looking over your insurance options and ensuring that all relevant options are included with your coverage. Other areas to consider when putting together a sensible policy can include:
- Commercial auto coverage
- Directors and officers liability
- Errors and omissions policies
Following the regulations of the government when it comes to business can be vital to the long-term success of your company. Give yourself a chance to review a few basic points and see what steps you need to take to make your company compliant with its insurance.