All businesses need business insurance. There's no way around it. Insurance is designed to protect you, your business and its assets against a number of potential problems such as theft, liability claims and other unforeseen disasters. It also serves to protect you and your staff from claims for compensation.
Just having business insurance means that you can rest assured that you have the means to cover the cost of any unexpected problems or disasters occur. That means you don't need to keep money back in case of emergencies.
There are a number of types of business insurance, so you should check to find out what the right options are for your company. However, basically, there are 3 types of business insurance: Liabilities, Properties and Content (assets and equipment).
Some business insurance policies are optional, others are compulsory, but again, this depends on the type of business. For example, if you have staff then you are required by law, to have Employer's Liability Insurance. This is important to your business as it covers you against any costs of injury claims should an employee injure themselves at work.
Indeed, if your business has lots of contact with the public - whether it is customers or clients - then it's strongly advised that you get Public Liability Insurance. This will cover your business against any claim that may be made as a consequence of injuries or damaged property whilst dealing with your company.
There are a number of other business insurance options, including insuring your products, the building you occupy (definitely worthwhile if you own it) plus there are other choices like income protection insurance. The list of options is vast.
Of course it is up to you whether or not you choose to take out insurance, but be warned, you could face a hefty penalty and risk losing your business altogether should you not. By making sure you get the correct cover for your business you will be able to sleep soundly at night!
Just having business insurance means that you can rest assured that you have the means to cover the cost of any unexpected problems or disasters occur. That means you don't need to keep money back in case of emergencies.
There are a number of types of business insurance, so you should check to find out what the right options are for your company. However, basically, there are 3 types of business insurance: Liabilities, Properties and Content (assets and equipment).
Some business insurance policies are optional, others are compulsory, but again, this depends on the type of business. For example, if you have staff then you are required by law, to have Employer's Liability Insurance. This is important to your business as it covers you against any costs of injury claims should an employee injure themselves at work.
Indeed, if your business has lots of contact with the public - whether it is customers or clients - then it's strongly advised that you get Public Liability Insurance. This will cover your business against any claim that may be made as a consequence of injuries or damaged property whilst dealing with your company.
There are a number of other business insurance options, including insuring your products, the building you occupy (definitely worthwhile if you own it) plus there are other choices like income protection insurance. The list of options is vast.
Of course it is up to you whether or not you choose to take out insurance, but be warned, you could face a hefty penalty and risk losing your business altogether should you not. By making sure you get the correct cover for your business you will be able to sleep soundly at night!
About the Author:
Matt Greene wants to spend less time worrying about insurance and more time picking out great gifts for him to reward himself for a job well done.
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