Things to consider when insuring your Business
March 26, 2013 Business
Running a business is not a piece of cake. You need to take care of various elements which has direct impact on your business. Insuring your business in all possible ways to protect it from various accidental incidents is an important task. It is as simple as insuring your own home or car. Why do you insure your car? To protect it! Right? Similarly, why would you protect your business? Yes, the answer is same. To protect it! There are specialist business insurance companies available in the markets who have been working throughout the day to protect your business.
Although the insurance are totally dependent on type of your business, covering items such as stocks, machinery and office furniture would be a great way to ensure that you don’t lose out in any situation. This type of insurance mainly falls under content insurance which gives you an option to make a choice of either having a replacement insurance or security insurance. Most business owners tend to choose the second option as it lowers the cost of wear and tear while making a claim. The contents are most usually insured against theft which means if an employee or ex-employee with key access makes an unauthorized entry to abscond the contents, you won’t be able to make a claim for that. While some insurance policies have upper limit for the amount of cash, you got to be careful in selecting the right specialist business insurance policy.
Specialist insurance policies offer wide range of protections to different levels of business thereby making it suitable for almost all kinds of businesses. If you’re planning to have a deal which involves larger amount of cash then you should probably have a look at loss of cash insurance policy which would cover the loss of cash while in transit to and from the business premises. There is also an option of fidelity guarantee insurance which covers you from staff disingenuous. While the transit insurance also covers cost of any goods which are damaged while in transit, it is probably the best choice for an e-commerce businesses. Other types of insurance policies cover machinery and tradesman’s tools from accidental damages. The best example of covering something from accidental damages is glass.
There are also some insurance policies which cover key personals such as directors and employees for travel and health insurance. In fact their motors can also be covered in insurance policies. If you’re operating your business from home then you must talk to insurance specialist to make sure that you are fully insured.
So, no matter which type of business you run, there are adequate insurance policies available in the market to protect you and your business. You just need to take a look at them though.
Image Courtesy of Three Business Men by Kosta Kostov