Do you want to protect your business from whatever tries to harm it?
You want to make sure it is safe from all the things that can and will bring it down, correct? Well, the best thing that you can do to do these things is ensuring that it is insured. And, this means ensuring that it is insured in a number of different ways and at a number of different levels, too. Make sure to read on to find out just how you should be insuring your business.
Cover the basics
Before you begin looking into and taking out the specific insurances your business needs, you need to ensure the basic insurances are covered. If not, then you could quite easily and will quite likely find your business struggling in a number of areas where it is being held liable for certain situations that it need not be held liable for.
First of all, you should take out Business and Commercial insurance that offers full coverage, such as that provided by Amistad Insurance Services. At the very least this coverage should include liability protection, employee health and retirement plans and coverage for equipment. When you take out an insurance cut of this ilk you will be able to be sure that you are insured no matter what disaster strikes your business.
If you feel your business would only benefit from one of these insurances, however, then let the one you take out be liability insurance. By doing this you’ll be protected against being sued for things like negligence and malpractice, even if your business has caused these things accidentally. You see, accidents do happen in the workplace, and whoever suffers as a result of this accident is going to want some form of compensation from you whether you are truly in the wrong or not. So, take out liability insurance and you’ll be covered come what may.
Take out specific insurances
Your business, whatever type of business it is, will have to take out some insurances that are specifically designed to cover it in specific areas, however. This is because, other than the basic insurances, one size does not fit all when it comes to taking out insurance. Well, you wouldn’t want to take out insurance an oven when you own a lawyer’s firm, would you?
In regards to what insurances you should be specifically taking out on your business, you’re going to base it all on what your business actually offer. If you own an architecture or surveying business, for instance, you should take out indemnity insurance for sure; you should do so because this specifically covers you if you are alleged or claimed to have given designs or plans of an inadequate nature.
If you own a business in the arts or entertainment industry, which could range all the way from you owning a music label company to you being a children’s party provider, you should take out public liability cover; you should take this out because your business is going to be involved with the public, a lot, and you’re going to have to cover yourself for any instance of any member of the public being hurt at an event that you put on.
If you’re in the manufacturing industry you should take out tool insurance in order to cover the tools and equipment used in your business against loss, damage and theft. And if you’re in the food and drink or hospitality sector you should take out business interruption insurance; this is because businesses in this sector are at more risk than most to being shut down for a period of time due to the fact that they can be shut down with ease if their food and hygiene rating slips, and business interruption insurance would help them rebuild once they are allowed to trade again.
Make sure you take out the insurances the law asks you to take out
There is some insurance that you simply have to take out because the law says you must do sol failure to not do so would result in you in your landing your business in very hot water with your country’s governing bodies.
One insurance that you must take out if you provide company cars is motor trade insurance. Just like you are expected to take out insurance on your own vehicle that is used for personal use, insurance must be taken out on every vehicle you business uses and owns.
Lawfully, you are required to at least have each car covered with third party insurance, but it is generally preferred that you take out a fully comprehensive one. And remember, even if it wasn’t the law to take out such insurance, you should want to do so anyway because your employees are not going to treat the car you provide them like their own and therefore are likely to not look after it well.
You must take out property protection insurances, too. You must do so, and you are told to do so, to cover yourself from things that neither you nor the government can control: natural disasters. On the off chance that your geographical area was to be hit by earthquakes, floods or fires your business’s workspace would more than likely become desolate. When you have property insurance, however, you insure yourself financially against this unfortunate set of circumstances and the government covers itself too in regards to having to provide financial aid.
As a business owner, it is your job to do a number of things day in, day out in order to better your business; one of these things is to ensure you take out all the insurances you need. Whether these be basic insurances, industry-specific insurances or insurances you are asked to take out by law, you must ensure that you take them out. By not doing so, you stand to harm your business in more ways than one. So, make sure you learn to ensure that you insure… it’s well worth it and you’ll be glad you did.