Insurance has really become a much needed tool for most businesses today yet there are still thousands who don’t have any insurance. Not having cover to protect them is quite dangerous because one minor disaster could destroy a business forever. You might not believe so however, you never can truly tell what is waiting around the corner. Insurance is necessary but what do you really need?
Liability Is Needed but Don’t Go Overboard
Most businesses will need some form of liability insurance simply because if a customer or client should fall within your premises you are the one responsible. If someone is hurt due to your negligence then you not only have to pay for medical bills but possible pain and suffering, further medical treatment and lost wages. The final bill can be tens of thousands and if you have no cover or not enough you are left in a terrible position. However, the amount of cover required can vary depending on the type of business you have.
General liability cover is suitable for most workplaces however, for some professionals such as a lawyer, they require product liability. However, some people won’t actually require any form of liability. For example, those who work from home and don’t come into contact with others for business purposes generally don’t require liability.
Workman’s comp or employee insurance is crucial for anyone who hires an employee. It doesn’t matter if you have only one employee or several hundred or even if the employees are friends or family – insurance is always necessary. Remember, this is actually protecting you because as the employer you are the one held responsible.
You don’t need to be in an industry which is considered to be dangerous such as construction, whether you own a convenience store, a small IT firm or a gardening business, employee insurance is important. Accidents can occur at the best of times and in all honesty more people today are injured at work than anywhere else so it’s important to be prepared. This may cover the employee who is hurt but also protects you.
Insure the Office
Flood, fires and burglaries are some of the worst things to happen for a business today but they do unfortunately occur. When disaster strikes the mess left behind can end up costing you dearly and if you aren’t covered you are left out of pocket. However, insuring the business premises, whether it’s an office or general store, is important to protect you against damage and theft.
Do You Have A Website?
For those setting up a branch of their business online, they need to consider having cyber insurance. This is actually very new but when you have a business online then you need cover. When you look at cyber insurance it can potentially help protect against being hacked. This might come down to how much you value your online presence and whether you can afford to risk a cyber attack.
Consider a Business Owner’s Policy
Business owner’s policies are really common today because they end up being a lot less expensive than having several policies. For example, a business owner policy can offer insurance to cover property of the business, liability and protect cars too. This is very popular and often it’s a lot easier to manage than when you have many different insurance policies to deal with.
Vehicle Insurance and Avoid Minor Insurance Claims
When a business is using company cars or vehicles, you need to of course have these fully covered so that any accidents are taken care of. It might also be wise to add your employee’s vehicles to the insurance policy if they are using them during work hours for business purposes. However, be wary that you could potentially pay out more if small claims are filled.
For instance, let’s say someone damaged equipment within the office or had a small bump in the car, claiming for this isn’t always good. If the damage is only a few hundred dollars, you may be better to pay for the costs out of pocket. When you do this, you avoid potentially costly premiums because every time you file an insurance claim the premiums increase so be wary. Of course, if the damage is quite severe, then it’s an entirely different story.
Review Insurance and Don’t Be Afraid To Go Elsewhere For a Better Deal
A lot of people think it’s more hassle than good to switch to a new insurance provider however, if it saves you thousands, it’s worth the hassle. There are lots of different insurance options to consider and no matter what type of policy you require you should only ever settle for the best. It doesn’t matter if you are looking to save money, adapt a policy or just find a better insurance carrier there will always be a policy for you.
There is no harm in researching what other insurance companies have to offer and it might potentially allow you to get the same cover cheaper somewhere else. Also, at the end of the year, check again to see if you are missing out on better deals. It all helps to save a little extra and of course, you will get an insurance carrier you’re happy with.