A Quick Guide To Insuring Your Business (Really Quick, We Promise)

We know that business insurance isn’t the coolest or the sexiest topic you’ll find here. But, it is one of the single most important things you can do as a young business. When you’re just starting out, money is everything. Every last penny will go to squeezing a little extra out of the marketing budget. It will go into buying the equipment and tools you need or paying your employees. The last thing you want is a lawsuit draining all your time and energy.

A lawsuit can cripple your finances early on, not to mention that essential time in the office. New businesses need momentum. They need constant growth and hard work. As soon as that stops, it becomes very difficult to get back on your feet. With that in mind, it pays to insure yourself against every possibility. In businesses, that means a number of things. Some business policies will cover all of these at once, so it’s worth looking out for them.

Public liability
Every time a member of the public steps onto your property, you become responsible for their wellbeing. Whether it’s an office space or a shop floor, their safety is in your hands. This is most important if you own a factory, construction site or a warehouse. But, even if it’s just a small office, people can trip on hazards and injure themselves. If they do, you need to be insured against any personal injury claim.

Employee liability
This is similar to public liability but with your employees in mind. The first thing to know is that it’s illegal to have staff on site without employee liability insurance. As an employer, it’s your job to provide a safe and secure working environment. Not only does that mean taking measures to provide safety, it also means covering them in the event of accident. If they become injured or ill as a result of your business, they’ll seek compensation.

Property and equipment insurance
As a new business, a huge amount of money is often invested in tools, equipment and property. For shops and tradesmen, these are the backbone of your business. Without them, you simply can’t work. Keep them insured and if they are stolen or damaged, you’ll be able to recoup them.

Car insurance
This isn’t necessary in all businesses, but many companies offer company cars. If you do, there needs to be careful consideration about how you insure your fleet. A number of factors affect your premium cost and you should bear that in mind when leasing. Once you’ve done that, it’s usually best to insure them all under one policy. A normal car insurance company won’t offer this, but look at a service like Insure Fleet for more information.

Personal Indemnity
Finally, sometimes customers or clients will lose money based on your advice or services. If this happens, they may come after you for compensation. Personal Indemnity will help cover you for this.

That wasn’t so bad, was it? Business insurance might be complicated and dense, but it might just save your finances! If the worst happens, make sure you’re covered.

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