Commercial Business Insurance And Small Businesses
Many people who own a small business are under the impression they don't really need to have their business insured
. Unfortunately, many who feel this way do so simply because they've been misinformed.
One common misconception is that insurance costs too much, and yet a little bit of online research shows that this is simply not the case. To the contrary, if you own a business in the UK, insurance cover can be obtained at a very reasonable price.
When a business owner decides to go without commercial insurance, the consequences can be catastrophic. The first question you need to ask yourself is whether you have enough financial resources in order to survive a disaster. In other words, if a fire breaks out in the building where your business is situated, and 90% of your assets end up being destroyed in the blaze, do you personally have enough money to replace everything.
Perhaps your business doesn't require you to have a vast amount of assets, but what happens if the building itself is destroyed, and you're the owner of the building? Can you afford to have it rebuilt? Without adequate commercial insurance, you probably couldn't. Even if you could, forking out that type of money when it's not really necessary in the first place just doesn't make sense from a business point of view.
Up until now we've been assuming you are the only person involved in the running of your business, but what happens if you have a number of employees, and one or two of them get injured on the premises? Perhaps the nature of their injuries means they'll never be able to work again, in which case you'll be responsible.
Can you well and truly afford to pay them for the rest of their lives even though they are no longer working for you? Are you financially capable of settling any resultant claims? These are the type of things business owners need to think about carefully, and the easiest solution is to take out suitable commercial insurance.
Some small business owners also believe that if one of their employees injures themselves while at work, it won't be their liability. These business owners are missing one very important point, and that is anyone who employs others has to have employer's liability insurance by law.
So many business owners believe they would only require insurance in the event of a disaster, or in the event their business gets broken into, but in reality, there are many more reasons for having adequate cover in place. It's not only floods and fires that can cost a business a considerable amount of money in damages, but instead, even a relatively minor incident involving an employee can result in a business owner having to pay thousands and thousands of pounds in compensation.
Operating a business without any business insurance could in some ways be compared to walking through a minefield, and obviously, nobody in their right mind would want to do that, at least not voluntarily.
by: Tom Jones
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