Business insurance cover is a vital element of good commercial business planning. It can not only provide financial protection, but it can also safeguard your clients, your staff and your company against any unfortunate circumstances such as natural disasters, fraud or even anti-business sentiment due to your activities. Whatever type of business you have, whether you are running a pub, a cafe, a takeaway or a supermarket, it is imperative that you understand what risks could be involved in carrying out your daily activities. For example, if you are a barber, would you be prepared for thieves to enter your premises or would you be prepared to pay the cost of security?
One of the most common ways in which people find themselves at risk of losing money and business due to lack of business insurance covers is by being careless in their preparation. People tend to leave themselves a little too much worry free when it comes to protecting their small business. For example, if you run a cafe, would you be prepared to claim for vandalism or would you leave your equipment out in the open if you were to have a problem with theft?
This may sound extreme but it is actually an unfortunate fact that many business owners make the mistake of ignoring their legal requirements and leaving themselves unprotected. One of the major things you will have to take into account is public liability insurance. Although this may seem a lot of work for just one employee to undertake, you need to make sure you cover all of your employees in this area. If one of them is to cause death or injury to another person, then you could have a huge problem on your hands. Therefore, while you may find it easy to leave things to chance, unless you have the correct professional indemnity insurance you could find yourself in hot water.
The other major thing you need to think about when it comes to what business insurance cover you take out is the activities of your company. There are two different types of public liabilities insurance policies you can take out; these covers you against claims made by customers or clients and these cover you against employees. Each of these policies will have different limits of cover, which you should ensure you know what they are. You may find that you only have a few hundreds of pounds to spare for the claim which makes taking out the most expensive policy. However, if you have staff or customers making a claim against your company, you could find that you could be left with thousands of pounds in claims.
Another thing you need to think about is your to-do list. Many people have lists on paper as well as on their computer. Depending on how much time you spend working online, you may find that you do not actually cross everything off your to-do list. Therefore, you could find that you need to take out professional indemnity insurance which would make sure you didn't run out of cover and you also took care of all the important but little things.
One of the biggest risks for a self-employed person is what is known as professional negligence. This is where you find that you have done something wrong but your employers or colleagues have done nothing wrong. They may find that you have sub-standard results or services and this could put your business at risk. It may seem that you were just having a bad day but if you have injured or hurt yourself due to poor workmanship or other flaws, then you may find that your self-employed status no longer qualifies you for professional indemnity insurance. So make sure that you stay on top of things so you can continue to keep your self-employed business running smoothly.
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