You maybe thinking that why should one have business insurance for small ventures and projects? Well, the answer is that you need it, no matter what size the establishment is all about. We all know that running any business, no matter what the size is not an easy task, and there are risks associated with it at all times, especially when the matter of profit and losses come in to play.
There is a thin line that one should think of when thinking about what the future gains and losses would be like making your business quite vulnerable to the risks that could happens from lawsuits, thefts or even accidents.
It is important that as a business owner, you should know how to minimize risks right from the beginning. For this you should have business insurance which would manage everything when your other services and products in the markets fail, or when there is a case of casualty on your premises or even when cases such as thefts and vandalism happen, or the company car is caught in a crash. But to get the right amount and type of coverage is always a task for most of us business owners.
Thus as a result most businesses, big or small, are either insured less or too much for the coverage and the worst case scenario would be not getting your venture insured at all. The kind of insurance for your business would be directly proportional to the nature of the business and what it supplies the economy with at large. If you have a small business, then there are certain combinations to think of when choosing such an insurance coverage, namely;
- Public liability insurance which would keep you well protected against lawsuits and damages done because of the business you run or even for casualties that happen on your property where the business runs.
- Professional Indemnity Insurance which would act as a protection if you are a professional. This business insurance would take care of the losses that happen and if a client sues your company for the advice or service given and made the client lose money in the bargain, then your insurance would take care of the costs for legal hassles and everything that combines.
- Workman’s Compensation is compulsory would take care of the labor’s casualty which happens on your property while the labor is on the job at that moment.
- Business Interruption when there is a calamity like an explosion or fire and you have to keep everything closed till the dust settles down. Think about this, how would you pay your staff when no operations happen, it would get really very disastrous for you at that moment, so let this component of business insurance take care of it all for your business needs.
- Building Insurance would take care of the expenses to rebuild and fix damages in the premises where the business happens.
- Business Motor Insurance, for cars that are employed to be on duty and just in case anything happens to them or your driver crashes one of them.
By John Benson