10 Jul Insuring your business
It’s not just fire or theft that you have to consider these days, insurance can provide coverage against accidents in the workplace, harm to clients through oversight or error, medical expenses, malpractice, data breaches and much more. So, insurance isn’t just about piece of mind. When the worst happens, it can also be the difference between rebuilding your business, or having to shut up shop.
Before you buy any policy, it’s important to take the time to understand the fine print. Make sure you supply all the necessary information to the company you’re purchasing through, as providing misleading information could invalidate your policy.
The insurance you need depends on your business. Employers’ liability cover is a legal requirement for most businesses with staff, public liability insurance is important if you’re in contact with members of the public, and professional indemnity insurance is useful if your business offers advice.
Your insurance needs will also change over time so a regular review is a good idea. No single policy can cover all your business risks so it’s likely you’ll need more than one policy. Check out a list of common policy types for business by the Association of British Insurers.
If your business is growing make sure your insurance cover grows with it.
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