Why You Should Take Out Business Insurance

Personal insurance is one of life’s essential financial products.  A business is somewhat the same. If you run a business you need some form of business insurance. That will offer you peace of mind, writes Nicole Canning.

Yes, business insurance might seem like an ‘additional cost’. However, it’s impossible to predict what life can throw at you and when you might need business insurance. You should consider it as an investment in the protection of yourself and your business.

What kind of business insurance?

Most insurance providers will offer some sort of umbrella liability that covers a range of risks.  But here are some different types that exist and that you should consider:

Criminal Insurance : No matter how good security is in your workplace, theft and malicious damage are always possibilities. The dangers associated with general theft and vandalism are obvious. But things like employee embezzlement is more common than most business owners think.

Employees insurance: Many businesses take out life and disability insurance to cover both the company and employees against injuries that occur whilst at work. Business insurance can be taken out to insure key employees against loss of life or a disability that prevents them from doing their job. This type of business insurance ensures that there is a contingency plan for the business to recover from the loss of an important employee.
Business insurance
Health insurance: Many businesses offer their employees a contribution towards their health care as part of their employment contract. This is an added incentive that gives the company a competitive edge when looking for staff.

Email and internet insurance: This relatively new insurance product protects companies from losses and liabilities arising from using email and the internet. This could range from anything like protecting your machines from viruses, to covering claims made by third parties and even employees for libel and slander on the web.

How to choose business insurance

When searching for the right insurance for your business, provide your broker with as much information about your business as possible. Knowing information such as salaries and wages and turnover are essential in order to get the best quote. Remember to compare a couple of quotes before committing to a policy.

As for the WHEN to insure your business, the answer is always the same: because you never know when something bad is going to happen, make sure you do it yesterday, or at least today, rather than tomorrow!


First step: complete and submit the form on this page to get a quote



All info was correct at time of publishing