Insurance is designed to put you back in the position you were before the event of a claim and dependant on the size and nature of the claim, this could be the difference between the continuation of the business and the closure of your business
Business insurance can cover anything as small as a mobile phone to the liability of your staff, it can cover legal expenses, vehicular breakdown, stock, tools, money, goods in transit – the list goes on and on! And although you may be confident that a claim may not arise, you never know!
Risk Management is the key – proactive risk management is the most effective way to reduce your premiums – this not only includes the things covered by your insurance, but also by taking a good look at all the things that could affect your business and producing an effective Business Continuity Plan, you are decreasing the risks to your business.
When considering your business, think of every aspect of your trading and make a list; you can then find a policy (or policies) to cover these and if you’re not sure, you can always speak with a broker who can advise you.