Whether you are just starting out or are already running your own small business, sleepless nights are not uncommon. You probably have various plans and strategies in place to achieve success but do you have insurance for when things go wrong?
Insurance should not be seen as a cost, but rather an essential investment in the long-term success of your business. It protects your hard work and keeps your business running when something unforeseen occurs.
Various types of insurance are offered, and it will obviously depend on what kind of business you are in, but here are six broad categories that you should look at:
- Insurance against accidental damage
We all take good care of our employees, goods and property, but even with all good intentions accidents do happen. This insurance covers damage or losses due to an unintentional incident that damages your property or its contents. Public liability cover (cover to a 3rd party on your property) can also be included here.
- Building insurance
Whether you own or rent the property, insurance on buildings are crucial to cover any accidents. This should include your offices, showrooms, storerooms, factory etc. Depending on your kind of business, insurance should cover, but not be limited to; fire, flood and storm cover.
- Office contents, electronic equipment and machinery insurance
There will always be documents and electronic equipment that are used every day, whether it is your business or just used to run your business efficiently. Imagine if this was all lost or stolen? Will you be able to continue working?
The same can be said about machines. If you produce or manufacture items, they are an integral part of your business. Can your business afford one machine not working?
- Insurance for business vehicles and goods in transit
This insurance should include any vehicles belonging to the company, for example cars used by sales representatives and vehicles used for the delivery of products and/or services. It should also include any products that are to be transported by yourself or 3rd parties.
- Stated benefits & group personal accident insurance
Irrespective of what kind of business you run, humans will always form part of it. Whether they are the crux of your business or more in the supporting role of manufacturing, they play an essential role in your business. Cover your employees and your business in the case of any injuries to your most valued assets.
- Business interruptions
Any interruption to your business can result in a significant loss. Ensure that you are covered for any possible disruption and the financial loss that you may incur.
The importance of insurance cannot be stressed enough. It is vital to ensure that the insurance products that you’ve purchased are both adequate and appropriate for your kind of business.
Chat with your insurance provider to see how they can assist you in compiling the right small business insurance package that is essential to your company’s long-term success.