> Small Business Insurance |
Small Business Insurance
As the owner of a small business, one of your first responsibilities must be the arrangement of adequate small business insurance. Whether your business is an agency, whose largest disposable asset is a telephone or computer, or whether you run a storehouse full of stock, accidents can and will happen. The business that fails to insure its disposable assets is simply sitting on a time bomb that will certainly blow up sooner or later. Just picture the scene with you being called out by the fire brigade to inspect your warehouse that’s just gone up in smoke, or being contacted by the police to review the damage left by a band of thieves who have ransacked your office.
The next type of cover, no less important than property damage insurance, is liability insurance. As a responsible member of society, you must ensure yourself against the chance that the actions taken by your business will affect another company or individuals. This can take the form of professional indemnity of the type taken out by doctors or lawyers, where their work could immediately impact upon the safety and wellbeing of others. Alternatively, you could be working with stock such as foodstuffs or medicines that once again could impact upon the welfare of the public. Personal and professional liability insurance will cover such risk.
Do you drive? Do you have staff who drive? Do you run a fleet of vehicles? Answering “yes” to any of these questions means that you must have motor insurance, which must be comprehensive in its cover. Cars are stolen, they break down, and not infrequently they are come into collision with other vehicles and persons. Leaving yourself without insurance cover for such events is simply inexcusable, and could set back your business financially, if not ruin it altogether.
Finally, personal health and disability insurance must be taken out. As the key person in your business, your livelihood and the livelihood of your family and those in your employ depend on your good health. Should you succumb to accident or injury, you will be able to spend time recovering without your business being hit financially. While this type of insurance may be considered as an extra luxury, it is not.
It goes without saying that all of the above types of small business insurance cover should be considered and applied BEFORE your business ever gets off the ground. Insurance is always money well spent.
For more infomation on small business insurance choose from the list below. |
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