When you’re running your own small or medium sized business you’ve enough things to think about. Insurance is often seen as a necessary evil. Something to be worried about at the last minute as policies expire or maybe simply handed to a familiar broker to renew on a “same again” basis. By doing this you are probably not thinking through all of the risks your business face and you’re unlikely to be getting value for money. Any small business should be thinking about most, if not all of the following covers:
This is insurance cover against loss to buildings, fixtures, fittings, and stock through fire, water, theft or accidental damage. There are usually a host of cover definitions for example around glass, freezer contents, locks, keys, loss of gas and water etc. so it will be worth checking in case any are particularly pertinent to your business.
While a significant property related loss can be traumatic enough, the financial aspects are compounded by the impact on your business to carry out its normal activities. The costs of business interruption, particularly in material loss situations typically far outweigh the costs directly associated with the event.
Insurance cover against theft by staff, credit card fraud, or assault are all types of cover typically offered under this category.
Employers Liability Insurance
If you have staff you’ll need employers liability insurance which insures you against the legal liability associated with bodily injury to your employees.
Public and Products liability cover
This covers you for losses in respect to legal liability to third parties either themselves physically or their property brought about by your products or employees.
Goods in transit
Particularly important if your business physically moves large amounts of product. However, will not this cover will not only look at cover of the stock but of the packing premises, cover export delays, temporary storage and so on.
Commercial legal protection
Covers your business against the exposure to legal bills in relation to disputes with various parties for example HMRC, landlords, criminal proceedings, data protection, and even employees jury service cover.
Financial loss liability
What happens if one of your products is defective and causes a third party loss? This is where financial loss liability cover applies. It’s not just about physical goods though. Insurance of this type applies in relation to professional advice offered by mortgage lenders, solicitors, accountants, architects or other service providers.
If you’re still reading this you may be dizzy at the complicated nature of it or just the sheer number of risks to worry about. This is where Commercial Combined or Business Combined insurance can make life a lot easier.
This is flexible insurance cover that can be put together with a broker or an insurance company like Business Insurance Service to suit your company needs. The cover will take on the form of a package of covers against all the relevant risks for you. It will contain all the covers in one document with clear limits and terms. It is possible to add on tailored extras depending upon the nature of the business or specialist covers for example against terrorism or cyber-crime.
It is worth taking the time to look at the cover you have today and then whether there might be an easier way to give you peace of mind and allow you to focus on the important job of taking forward your business. Insurance, it’s essential, but it needn’t be complicated.