FIVE fundamental insurance plans that any organization should consider protecting itself from risk exposure

General Liability Insurance

What It Covers: Protection against claims of bodily injury, property damage, and personal injury (such as slander or libel) that occur on your business premises or because of your business operations.
Why It's Important: This is a fundamental policy that helps protect your business from potentially crippling legal costs and claims.

Property Insurance

What It Covers: Coverage for your business property, including buildings, equipment, inventory, and furniture, against damage or loss due to events like fire, theft, vandalism, and certain natural disasters.
Why It's Important: It helps ensure that you can recover and rebuild quickly in the event of physical damage to your property.

Business Interruption Insurance

What It Covers: Provides compensation for lost income and covers ongoing expenses if your business operations are interrupted due to a covered event, such as a fire or natural disaster.
Why It's Important: This policy helps maintain your cash flow and covers expenses while your business is recovering from a temporary shutdown.

Workers’ Compensation Insurance (WICA)

What It Covers: Pays for medical expenses, lost wages, and rehabilitation costs for employees who are injured or become ill due to their job. It also provides death benefits for the families of employees who are killed on the job.
Why It's Important: Required by law, it protects your business from lawsuits related to workplace injuries and ensures that your employees receive proper care.

Foreign Worker Medical Insurance (FWMI)

What It Covers:
FWMI covers inpatient care, outpatient care, emergency medical treatments, surgical procedures, and repatriation costs if the worker cannot continue working due to medical reasons.
Why It's Important:
This is crucial for legal compliance, financial protection of employers, ensuring worker welfare, maintaining workplace productivity, and effective risk management by covering unforeseen medical expenses and emergencies.

These five risk mitigation strategies can serve as a solid foundation of protection for your business against a wide range of risks exposure