Why Commercial Business Insurance Is So Vital
Irrespective of what type of business you run
, the chances are you've invested a large amount of money in getting it set up.
Apart from all the assets you've acquired, you may even own the actual premises as well, which in turn means an even larger investment, and as such, it only makes sense that you'd want to have peace of mind in knowing your investment is covered against things such as natural disasters, crime etc.
This is where commercial business insurance comes into the equation, in that it's the only way to ensure your assets are covered against unforeseen calamities. Of course if you employ people to work for you then the issue of insurance is of even greater importance, and in fact, it's a legal requirement as well.
Floods, fires and burglaries are just a few of the things which can wipe out a business completely, and if the owner or owners don't have adequate insurance in place, the damage could in all likelihood mean that the business closes down permanently. Flooding for example is of particular concern, given the recent spate of floods in the UK. Flooding can cause extensive damage, not only buildings and structures, but also to a business's assets, and of course, in many cases water damage is, for the most part, irreversible.
Fires have also destroyed many businesses in the past, ranging from small one-man operations all the way through to multi-million pound conglomerates. The recent oil-rig explosion in the Gulf of Mexico is a perfect example of the damage a fire can cause, and just imagine what the situation would be like if BP didn't have any commercial insurance.
While this may be an extreme example, even a relatively small fire can ravage a building and its contents in no time at all. If you're fortunate enough to have the fire brigade arrive in time save your business from total destruction, the chances are you'll also have to deal with water damage over and above any fire damage. If you believe that your business is at no real risk of a fire, then you need to think again. A little bit of online research will soon reveal just how often the fire services are called out.
Burglaries and vandalism can also cost a business thousands of pounds. Apart from having valuable assets stolen, many businesses in the UK actually have to factor vandalism into their budgets nowadays because it's become such a common occurrence.
Statistics also reveal that there's a break-in happening every few seconds somewhere in the country. In fact, the situation is so bad that the police rarely even follow up on reports unless losses amount to a vast amount of money. In most cases however, you'll simply be given a copy of the police report that you can then present to the insurance company. Unfortunately, if you don't have commercial insurance, and your business gets broken into, you're on your own.
The bottom line is, if you run a business, having commercial insurance is not a luxury, but instead, it's a necessity. In fact, one could even go as far as saying your livelihood depends on it.
by: Tom Jones
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