Why you really can’t afford to go without business insurance
Running a start-up can be a risky business no matter what sector you occupy. Injuries on the job, legal action by clients or contractual issues could all leave you struggling to keep your business afloat – let alone the impact of international emergencies such as the coronavirus pandemic.
Whilst it might be essential, getting the right business insurance is no easy undertaking and it’s not only necessary to find the right provider but also to decide on the appropriate level of cover amongst other things – all before you can even consider the cost.
To help business owners get themselves covered and ready for trading, here are just some of the reasons why business insurance is important and how you can find an offer that works for you.
Preparing for the worst
If your business comes into contact with the public – whether on your premises or elsewhere – you need to consider public liability insurance. If you run a shop or restaurant, or if you visit other premises in the course of your work, you’ll want to be certain that you’re guarded against any mishaps that might occur.
Public liability insurance is your ticket to preparing for the worst – whether that’s a customer injuring themselves on your site or if an accident happens when you’re out and about. Taking out insurance will enable you to go about your work with the confidence that any issues are covered. Injury claims and settlements for damage of property can be extremely expensive, so making sure your business is protected should be among your top priorities.
Standing by your staff
Another business ‘must-have’ is employers’ liability insurance. Much like public liability insurance, this could help you to cope financially in the event that one of your employees injures themselves on the job or becomes ill as a result of the work they do.
Failing to adequately cover your business with employers’ liability insurance could be a mistake even if everything goes to plan – because it’s a legal requirement for all UK businesses with one or more employees. With an obligation to secure at least £5 million worth of cover, you could find yourself having to shell out £2,500 in fines for every day that you’re uninsured. This really is a non-negotiable and business owners could breathe a sigh of relief by securing a convenient employers’ liability insurance package early on.
Securing your income
When you run a business, you can’t always count on a steady salary like those who are in regular employment. If your business hits a rough patch or if you’re unable to trade due to factors outside of your control, the money could very easily dry up and leave you not only with an empty pay packet but also an outstanding bill for business expenses.
If the global health emergency caused by COVID-19 has taught us anything, it’s to expect the unexpected and by securing business insurance you could be doing just that. With tailored packages and bespoke services, insurance providers are used to working with businesses to create cover that will help the business to survive if the worst should happen. Covering natural disasters, government-mandated closure and other such income-destroying events, sourcing a solid insurance package can provide much-needed peace of mind to worried business owners and entrepreneurs who still need some certainty that they can stay afloat if things go wrong.
How to get the best business insurance cover
Most business owners will appreciate the vital importance of getting sufficient insurance cover to prevent any nasty financial surprises in the future. It makes sense, though, that entrepreneurs and start-ups in particular would want to limit the amount they pay for a business insurance package when they know that they hopefully will never need to rely on.
Finding business insurance is often a much more complicated affair than finding car, travel or other personal cover. This is because insurance companies know just how different businesses are and often prefer to come up with a bespoke package that adjusts their risk and takes account of any unique features that a business might have. Whilst this can make finding insurance more difficult for business owners, it’s worth keeping in mind that in the same way you might input your details into a comparison site for car or home insurance, so too can you the same help when hunting for business cover.
With a wide range of insurance types offered, the BusinessComparison.com website plays host to a helpful insurance comparison tool which could help you to save money whilst protecting your company against future trouble. Insuring your business couldn’t be simpler and by using the tool you’ll save time that might otherwise have been spent contacting multiple providers only to relay the same information again and again.
Whatever your business does, remember that nothing is guaranteed in the commercial world and getting the business insurance cover could see you riding out any future storms safe in the knowledge that your insurer has got your back.