Tag Archive for 'Business Insurance'

Business Insurance 101: What SME Owners Need To Know

Photo Under Creative Commons License: Steve Wilson

Photo Under Creative Commons License: Steve Wilson

Whether you’re starting out in your own small to medium enterprise and are looking for basic information on insurance, or whether you’re looking for a refresher, you’ve come to the right place. Knowing where to start can be a little overwhelming, particularly while navigating the many legal and business requirements of starting an enterprise. Don’t fret if you’re feeling confused! Below is a list of some basic information you need to know to get started.

Insurance is everything

Before you even begin to contemplate your business as a whole, you need to think about insurance. Insurance is what will keep you financially secure if something goes drastically wrong. Take plenty of time to consider your options and, if in doubt, speak with someone about what would suit your needs. It’s even a great idea to find a particular industry insurer for advice. If you’re a tradesperson, for example, have a chat to a specialist company like Tradewise Insurance for industry-specific information.

Insure your goods and your business

Asset and revenue insurance will help cover the things that keep your business operating and flourishing. For instance, tradies rely heavily on their vehicle and tools. It’s vital they insure their vehicle against all motor-related issues, and that they insure their tools against burglary and breakdown to help protect their business. You can also insure against unexpected interruption of business or loss of profits due to unexpected circumstances. This protection is vital for small and medium enterprises!

Cover yourself and your workers

Personal and workers insurance is your best way of protecting yourself and other employees as well. Injury, illness or even death in the workplace can cause extreme hardship for the worker and their family. Workers insurance will not only save your business from expensive costs, but it will ensure your workers are protected should an accident occur. Personal insurance will also ensure you and your family are looked after in the event of an accident or illness. This can include short or long-term absences from work, a diagnosis of an illness, or any other type of trauma that will cause you to give up work. While it’s not fun to think about these potential circumstances, it’s incredibly important to look into the right type of cover.

Cover yourself against claims from the public

Public liability insurance means you will not need to pay any costs incurred from illness, injury or damage caused to a member of the public or their property as a result of your business and work. Put simply, if someone trips over your toolkit and breaks their leg, your public liability insurance will cover any legal costs incurred. This is an invaluable type of insurance to have for small and medium businesses.

These are the basic types of business insurance in a nutshell. Have you found insuring your business a confusing process? Or perhaps you’ve been in a situation where you wished you had the right type of cover? Share your best tips and thoughts in the comments.

Protect Your Startup With Insurance

Protect Your Startup With Insurance

Determining the right business insurance for your startup business requires careful analysis and thoughtful reflection.

With the proper investment of time and effort, you can figure out the most essential insurance products for your particular situation. As a matter of principle, you should review your needs with an experienced insurance representative so you can tap into his/her expertise and experience.

Business Coaching, Business Coach, Business MentorFirst, as a business owner, you need to accept you need insurance. The question is what kind?

You have to consider all of the aspects of your business activities to make sure you get the proper and adequate coverage. One way to make sure you do that properly is to have a detailed business plan.

Writing every past, current, and future task down in a business plan is necessary so you can quickly and easily explain what your business does to a complete stranger – the insurance representative.

Your business plan can consist of one page or dozens of pages but the business’ activities have to be clearly laid out so the company’s risks are brought to the surface.

For example,

  • Businesses that own property will require property insurance protection.
  • Even if you rent or lease your premises, you may be liable for other people’s property and need appropriate insurance. This includes leasehold items as well as plant and equipment purchased or leased from third party suppliers.
  • Since you use computers you need to consider special computer insurance (theft, vandalism).
  • Auto liability insurance is made for people who rent, lease or own cars in the name of the business.
  • Of course there is also workers compensation insurance to protect the well-being of employees.
  • One of the least well understood types of insurance is business income insurance for business people who do not have the cash flow or personal wealth to keep a business in operation should there be an interruption in business activity. It’s a form of disability insurance for the owner or key person in the business.
  • Then there’s general liability insurance needed for people who develop and sell products. Products or services that could inflict physical or psychological damage on a person should be covered by liability insurance in the case of a lawsuit. It’s also called professional liability insurance wherein specific professions and trades have detailed provisions, guidelines and/or regulations stipulating the minimum coverage required by law.

If you’re getting a little overwhelmed by all this – don’t despair. That’s what an insurance professional does for a living – make sense of all the options and possibilities to make sure you have enough coverage for your level of activity and risk profile.

Running a successful business always involves insurance. As the dictum goes, “expect the best, but plan for the worst”.

Any responsible business executive or entrepreneur who needs assistance can contact businessinsurance.org for a collection of reliable business insurance quotes.

No one can predict the future which is why insurance is so important and necessary.

Even the most prepared company can suffer from any number of emergencies at a moment’s notice – insurance is designed to provide peace of mind and financial protection and compensation should anything adverse happen.