When looking for small business insurance, note that not all insurance providers offer the same elements of cover, nor the same levels of protection. The premiums may differ and you have to choose cover that is appropriate for your particular type of business. Here are some tips when choosing insurance for your business.
- bear in mind that insurance can be offered based on your particular business. For insurance there is retail insurance, tradesman insurance, shop insurance etc – virtually for just about any type of business you might think of;
- when looking for insurance you might want to ensure that you have adequate third party liability insurance within the business cover. This is needed to protect you and your business against claims brought about through a third party getting injured on your premises. The same applies if you have members of staff working for you. Claims may arise if they were to get hurt at work. Employers’ liability insurance is mandatory for most employers;
- flood and fire may damage or even destroy your stock on the premises. If you suffered a fire you may end up losing all of your stock and fittings and fixtures in the premises. This may add up to a considerable amount of money. Small business insurance typically protects against a loss such as this, up to set limits;
- the above may also damage the building in which you house your business and it may have to shut down for refurbishment. If this happens you stand to lose not only the costs of repairs to the shell of the building but also loss of customers, unless you have cover in place;
Finally when considering small business insurance you may wish to check out the terms and conditions that come with the insurance policy. This is where you are able to find out what the business cover entails, doesn’t entail and any obligations that may form part of the contract between you and the insurance provider.