If you own a small-scale business, or are considering starting one – business insurance is a great way to provide assurance for your efforts. There are several kinds of policies available and we’ve put together the following list of the many kinds of business insurance we believe will be the most beneficial for SMEs.
First of all, no matter the size of your business, all employers are legally obliged to have employers’ liability insurance to cover the cost of compensating employees who are injured or become ill through work.
If your company uses vehicles, you’re also legally required to purchase the insurance for commercial vehicles..
SME’s are particularly at risk of potential risk and unanticipated circumstances, which is the reason there are insurance policies that small-sized business owners might want to think about, based on the kind of business they run.
Be prepared for the threat of compensation claims as well as legal actions
Your legal obligations are towards your customers as well as people in general. If public members suffer injuries, you may be responsible for compensating them in the event that either you, or employees committed something wrong, did not perform something you ought to have done, or violated the law.
The insurance for Public Liability will cover claims by people in the public in connection with incidents that happen within your business. It could be an individual who falls and injures themselves in your shop or when property was damaged in an event outside of the premises that was arranged by your company.
The insurance for professionals will cover the cost of compensating clients in the event of loss or damages resulting from poor advice or services provided by a firm or an individual. Certain professions are required be covered by PII by their respective regulators (see what professions are required are listed here) and a majority of businesses choose to carry it. PII is particularly beneficial for businesses that:
- Offer advice and consult
- Provide a professional service including designs, or calculations
- Secure the client’s information as well as data
Insurance for product liability is a way of compensating those who are injured due to a defective product your company creates, produces or sells.
Guard your property
The contents of buildings and the building are vital to every business. Insurance protects your financial assets when the property you own is destroyed due to incidents like fire, burglary or flood. Additionally, Business Interruption Insurance will provide you with protection for any period where you are not able to operate in the normal way due to damages to your property.
- The insurance for building covers the damage to your business’s buildings that result from lightning, fire and flood.
- Contents Insurance will cover damages to, and the theft of stock as well as business equipment.
- Insurance for business interruption will cover you for the interruption in income for the time that you are unable to conduct the business in a regular manner because of an unplanned incident.
Be prepared for financial risk
Certain insurance products offer an insurance plan to protect against financial risk, like those with high-risk debts or employees with poor character.
The trade credit insurance offers protection for businesses in the event that their clients who owe money on products or services fail to pay their debts or pay them earlier than the payment terms stipulate.
Money insurance covers the loss of money belonging to your company, whether it is on your premises or during the process of transportation.
Key person insurance safeguards your company from losing money the event that a person who is in a high-profile position is killed or disabled.
Insurance for dishonest employees protects your company from employees who steal money or stocks.
Protect your employees
Employees are a major resource for any business and there are many insurance options that can offer financial security as well as medical aid for your employees and you in case of illness. In addition to the compulsory employers and liability insurance it is possible to want to think about the following options:
The income insurance will provide an income per month for employees who are unable to work because of injuries, illness and/or illness are unable to work due to injury, illness or a reduction in pay for a long time.
Private Medical Insurance will cover the expenses of private medical insurance for employees, allowing them be treated quickly while minimizing the disruption to your company.
Cash plans for health will cover your employees costs for eye exams dental treatment, physiotherapy and dental.