While you’re busy making sure your business is running smoothly, insurance can seem like an added expense and extra work to organise. You may not even think it’s necessary, outside of the legal requirements of things like employers liability insurance, and that the events and situations covered by the various types of business insurance won’t happen to you. A decision like this can have terrible consequences if anything does happen, and no matter the size or nature of your business, insurance is an essential.
Forbes recently listed 13 types of insurance every business should have, and there are four you should have from the outset. Business Contents Insurance, Public Liability, Employers Liability and Professional Indemnity are all essential forms of cover that protect you from the hazards and losses of the day-to-day running of your business.
Business Contents Insurance and Public Liability Insurance
If you own stock, equipment or a business premises then you need business contents insurance. It protects all of these things from accidents, disasters and the effects of crime (e.g. criminal damage, theft etc.). There are any number of hazards that can affect your business’s goods and possessions including things like robbery, theft and fire and water damage. Serious damage can result in enormous bills in repairs and replacements, and can be a serious threat to the solvency of a business.
Public Liability Insurance is an essential for anyone who owns a property frequented by the public, or who works in close proximity to the public. Accidents that occur to the public through your business activities can entail costs that may bankrupt a small business. Litigation, compensation and lengthy court processes are not an outcome you want to entertain.
Employers Liability and Professional Indemnity
If you have employees, you must ensure they are covered in the same way the public would be, and if you provide a service to individuals or businesses such as consultancy or freelance work then you need Professional Indemnity Insurance. The latter protects you against claims of malpractice, and the former is a standard measure to ensure the safety and security of your employees.
A key benefit of securing business insurance is that it allows you to get on with running your business without having to think about liability or loss. It can take a huge weight off your mind, and finding the business insurance that’s right for you will help you retain your competitive edge and your businesses solvency in the long run.
Contact us today to find out how we can help both you and your business.