If you run any type of business, you should consider purchasing business insurance. It doesn't matter whether you are self-employed and working from home or a small business owner with your own premises there are still risks against which only insurance can protect you.
How can insurance help you?
If you are an independent tradesman or the manager of a small business, you will be well aware of the routine problems that occur every day, but it doesn't take much for a small issue to escalate into something much bigger. Perhaps you make a small mistake which leads on to a much bigger problem with potential legal costs for your business. Maybe your stock or your premises is damaged in some way.
The damage may not be your fault, but you will still be the one responsible for resolving the issue and perhaps placating customers who don't get their jobs completed on time. Whenever there is an unexpected interruption to the operation of your business, it impacts on your profitability and could even cause the closure of your company if the costs of continuing become too high. Business insurance protects your company from these unexpected costs and demonstrates to both potential employees and prospective customers that your company is the right choice for them.
Which type of business insurance do you need?
The type of insurance that you need will depend very much on the way you do business. Some types of insurance are compulsory if you employ other people the law requires that you have employers liability insurance. If your business uses vehicles, then motor insurance is a necessity. There are some professions where the regulators require professional indemnity insurance but beyond that most other types of insurance are optional.
As a business professional you should consider:
Liability insurance - This will protect you against any claims arising from a mistake or negligence by you or an employee.
Commercial property insurance - If you have your own business premises or maintain any expensive tools or stock, then this insurance will help get your business up and running again after a major incident. For many trades, insurance that covers a fire or the theft of all their stock is the only way to recover after a big loss.
Cyber insurance - If you store sensitive data online or on your IT systems, then cyber insurance is a great choice and offers protection against damage to, or loss of information from your IT systems. Imagine the trouble for your business if you suddenly lost access to everything you store online. Without insurance to cover the financial cost your company could quickly go out of business.
If you aren't sure which insurance policies are right for your small business, then talk to an insurance expert today.