For many small business owners, insurance can be a tricky area. Knowing what policies you may require, how much you should be paying for each policy, what they mean for your business should some happen, and if it is, in the end, worth the expenditure of your business. As it so happens, due to the complexities and lack of information available, many small businesses are either under insured, or not insured at all. Amazingly, some are also over insured and thus being ripped off due to their lack of knowledge.
For small businesses, there are a few different types of insurance policies available to them. They are for different reasons, and it is up to you to decide what type of insurance and policy suits the needs of your company, and when you have the knowledge talking to the insurance companies will be that much easier.
The different types of insurance available for small to businesses to consider include:
Insurance for Employees and compensation claims: This form of insurance is more or less legally required for a small business to have. This insurance policy will cover your employees for anything accident that may happen within your work place and some also cover trips to and from work to home. This form of insurance is incredibly good to have, not just because it’s legal obligation, but also because it will save you a lot of money should an accident happen.
Insurance for any interruptions that many occur to your business:This insurance will more or less save your business should a disaster happen beyond your control, whatever it is, natural disaster or human error. Businesses always have ongoing expenses, even when they are incapable of running properly. This type of insurance pays for your taxes, any bills that may pop up, as well as the cost of utilities and any other costs that may happen to come up. So, if your business is destroyed by fire, or hit by flash flooding, there will be money there to pay for the business until you’re back on your feet.
Car insurance for your business:Many businesses now will have their own company cars for their employees to use while on the job. The cover, however, will only cover the car for damages received or cause while being used for work reasons, and not personal reasons.
Public liability insurance:Quite possibly one of the most important forms of insurance for a small business, or any business to have. Public liability insurance covers you for any accidents or damages cause to your customers while they are on your premises. It also covers any legal costs you may incur from any following lawsuits, and your business will be covered should any compensation payout be required.
Insurance over premises:This policy covers the material side of your business, should you building or stock get damaged by fires, flash flooding, etc and also from the theft of goods.
By John Benson