There are many different types of businesses, all with their own needs and areas of expertise. The services they offer can vary greatly, but there is one thing that they all have in common: they are all exposed to the risks of common threats and accidental damage. Here you will find some useful tips for insuring your business.
Buildings and contents
This covers your premises and their contents form a large range of accidents and risks. The extent of the cover will vary depending on whether you own the buildings yourself, or lease them, and how much the building and its contents are valued at.
This protects you for unexpected loss of profits and any cost sustained, due to a disaster such as fire, explosion, flood, electrical failure etc.
Not something we like to dwell on, but it can protect you and your business from possible theft by a member of staff, and other losses due to dishonesty!
There are different levels of cover, depending on where the money/cheques/stamps are kept. Will they be kept in a safe? Are they sometimes transported by vehicle?
This insurance will cover you for the cost of replacing the piece of equipment at its current value. Bear in mind that `wear and tear` will be taken into account, depending on how long ago the item was purchased.
Goods in transit
Covers the cost of goods carried in your own or third party vehicles, should they become damaged or stolen.Also it can protect your goods being sent by post.
If your business requires the use of a vehicle, whether it is the company`s motor or your own private car, then adequate cover will need to be obtained; taking into account who will be driving the vehicle, the age of the driver and whether it will be driven for private purposes during or after work.
Should one of your debtors become insolvent, then you are left out of pocket for any goods provided on account. You will need to discuss with your insurance broker exactly what your level of risk is, and how much you can be protected from this. If you are dealing with large orders and offer credit, then this cover may be a necessity.
Should you ever be involved in a legal dispute, this policy can cover you against the cost of any court case and solicitor charges. It does however exclude any awards or damages.
This cover applies when travelling within the UK, subject to an overnight stay or internal flight, and whilst overseas. Cover can also be extended to cover incidental holidays for directors, or even personal accident.
Above are just a few useful tips for insuring your business and hopefully giving you some insight into the different areas of cover that are available to you. Of course there are many individual requirements personal to you and your business, and your broker will be happy to explain and recommend the best option available.