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Business insurance essentials - Blog

Business insurance essentials

If you’re a small business owner, there are plenty of essentials that need to be considered. For one, making sure that you have the right accounting and payroll software is of utmost importance, as it means your books will always be balanced and accurate. Another essential is business insurance, as it will protect you and your business when you need it most.  

If you’re a small business owner, there are plenty of essentials that need to be considered. For one, making sure that you have the right accounting and payroll software is of utmost importance, as it means your books will always be balanced and accurate. Another essential is business insurance, as it will protect you and your business when you need it most. However, insurance policies can often be tricky to understand. While it takes some time to wrap your head around everything that your policy may state, before you sign anything, make sure you are covered for the following instances:

In the event of an accident

For small businesses, making sure you are covered in the unfortunate event of an accident is paramount. When you read through your policy documents, make sure you are covered against something called “public liability”. This means that if anything happens to a customer or client while they are on your business’s property, your insurance will cover the necessary costs.

For the safety of your employees

One of life’s harshest truths is that anything can happen in the blink of an eye. This is why it’s so important for your business to have policies in place that ensure the safety of your employees. Naturally, the nature of your small business determines the risks involved. For example, an independent contractor runs the risk of employees sustaining onsite injuries. If an employee is injured in the line of duty, they are entitled to a workman’s compensation claim. Medical expenses can add up significantly, so having insurance that will cover these could save your business a great deal.

For your specific needs

Every business is different, and as a result, so is every insurance policy. Most brokers offer tailored solutions for specific business needs. For example, if a piece of machinery in a factory breaks, the insurance is likely to cover the costs of the repairs. Similarly, if your business relies heavily on fresh food supplies but there is a power failure and the food spoils, replacement stocks will need to be sourced. No matter what your needs may be, make sure your insurance policy is customised to meet each and every one.

As a small business owner, you need to do whatever you can in order to safeguard your business from any nasty surprises. Do as much research as possible before signing any policies, chat to your broker and make sure your business is protected with insurance essentials and solutions that meet your needs while keeping you covered.

 

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