Policy Price

 It’s quite understandable that when you’re making plans for the future of your business, insurance may not be the first thing that springs to mind.

And even if you do give it some thought, if you carry out even the most cursory research into small business insurance you’re likely to overwhelmed by the sheer range of policies available.

Because the fact is that different types of business face different types of risk.

A landlord, for example, may well need Buildings and Contents insurance but not specific policies for Stock and Goods In Transit which a retailer or wholesaler should probably have.

A pub or restaurant might well need a Loss Of Money policy because of the high level of cash they might have on the premises. But they won’t need the Product Liability insurance that a manufacturer might well require.

Fortunately, some of the more enterprising small business insurance brokers have taken the confusion out of the process by constructing insurance packages for specific types of business.

There are some common elements. Employers’ liability insurance is a legal requirement for any business that employs staff. And, in today’s increasingly litigious world, some form of indemnity insurance, such as professional indemnity or public liability, will almost always be included to protect your business against 3rd party claims. If not covered by another policy, basic contents insurance is also advisable.

Beyond these core policies, however, each package will be tailored to match the specific risks that your type of business is likely to face.

If, despite it being made easy for you, you’re still thinking that insurance is something you can do without, then remember this – an uninsured event, such as a fire, a burglary or a legal action brought against you, could be more than enough to sink your business completely.

Never mind planning for the future, your business simply won’t have a future.

So make sure you don’t leave small business insurance out of your business plan. Call 0161 833 2100 or email donna@caunceohara.co.uk

Resource:-

http://www.companyinsurance.co.uk/

Learn about the types of insurance all small businesses should have. Speaker: Neal Aton, Insurance Division Manager, Wells Fargo Insurance; Tim Rios, Senior Vice President, Wells Fargo Community Development Group
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