As a smart businessman, you know your business is at the risk financially if it’s not protected. With the right insurance, you can safeguard your business against unforeseen circumstances.
Businessmen who want to insure their businesses often have difficulty in deciding which insurance policy is suitable for their businesses. It’s not wise to sign off your business to any insurance agency that makes an attractive offer. Although all kinds of insurance aim at protecting your business against unfavourable events, not all of them are tailored to suit the specific needs of your business.
It’s important that you have a good understanding of the risks peculiar to your business before choosing an insurance policy. To make it easier for you, consider the following types of insurance as they relate to different businesses.
1) Business property insurance
If you own business properties like land, buildings and other properties, this insurance can protect them against the risks of fire, flooding, and other forms of damage and risk. We have seen a big rise in the number of independent retailers opening up over the course of the last couple of years. This might mean that a comprehensive retail insurance policy is suitable for you. Having worked so hard on bringing a shop to the high street, you want to be sure that it is protected from all the common forms of risk.
2) Public liability insurance
As a business that’s open to the public, members of the public could suffer an injury in your business premises and file for compensation. If your business is covered by public liability insurance, this insurance will pay for any legal costs arising from such claims.
3) Business contents insurance
It will be a good idea for you to go for contents insurance if your business involves stocking perishable and expensive goods. Insuring business assets like laptops, office furniture, electronic equipment, floral displays, print presses or kitchen equipment will ensure that damages to any of them won’t end your business.
4) Employers’ liability insurance
Should your employees fall sick or get injured at work, this insurance covers the costs. It is actually against the law to not have employer’s liability insurance. This insurance takes care of the compensations your employee demands for and, any legal costs accrued in the course of defending the claim.
5) Professional indemnity
It is necessary for you to have professional indemnity insurance if your business involves giving advice to clients or other business. Many people won’t even agree to do business with you if you don’t have this insurance. Professionals such as architects, accountants, business consultants, and medical professionals particularly need this type of insurance.
An insurance policy ensures that you have no regrets in the future. When the unexpected happens, your business doesn’t fold up, as you’re covered. There are all kinds of different risks that have the potential to bring a business to the brink of failure, or worse. By having the right type of insurance in place, you can rest easy knowing you are protected from the financial burden.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.