Commercial Business Insurance - It's Your Responsibility
As a business owner, the well-being of your employees is your responsibility
, and because of this, you are legally obligated to have the correct type of insurance in place.
Many people who start their own business are under the impression that you can simply walk into the offices of any insurance company and purchase a single policy which will provide you with all the cover you need. Contrary to what you may believe, when it comes to insuring your business, there's more to it than the value of your business alone. After all, every type of business is different, so of course different businesses require different types of cover.
The term 'business insurance' can be somewhat misleading, in that many people tend to think of it as a single insurance policy, but the fact is, it's not. Instead, it's usually made up of several different policies.
For example, if you were to start your own taxi service, and you had several vehicles, you would probably require fleet insurance to cover your vehicles against theft and damage. You'd also need to have adequate insurance in place as far as all your drivers are concerned, and you'd need to make sure that your passengers are properly covered.
In addition to this, you need your actual business premises insured as well, and in the vast majority of cases, you'd probably want the contents included in the policy.As you can see, the owner of a taxi business has very different needs to someone who runs a guest-house for example, and a guest house owner would have different requirements to someone who owns a restaurant. If you own a taxi business your main concern would be your vehicles, your driver's, and your passengers, whereas if you own a restaurant, your primary concern would be the well-being of your customers, your employees, your premises, and of course all the furnishings.
Fortunately for business owners, they have the legal authority to decide what level of cover they wish to purchase, but for obvious reasons, it could prove to be disastrous if you were to try and cut corners just so that you can save a few pounds each year.
Business insurance is a vast topic, and it would be almost impossible to discuss it in depth in just a single short article. Generally speaking, when it comes to insuring your business you'll need to make absolutely certain that your policy or policies cover you against things such as fire, flooding, burglaries, vandalism, and liability issues.
For example, if someone comes into your restaurant and they end up being scalded with hot water, you're probably find yourself being held liable, in which case you'll almost certainly be out of business if you don't have adequate insurance. In this day and age members of the public will try to claim compensation at the drop of a hat, and this has already seen many businesses filing for bankruptcy.
Because of all the complexities involved, most business owners nowadays make use of a professional adviser or broker in order to handle their commercial business insurance requirements. When you consider just how much is at stake, it's simply not worth taking any chances, and besides, if you decide to go it alone, you'll probably end up paying far more than you actually need to.
by: Tom Jones
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