subject: What Every Small Business Owner Needs To Know About Commercial Business Insurance [print this page] Many business owners, and especially small business owners, tend to stare at you in utter disbelief when you mention insurance. Others just dismiss the subject altogether, saying that it's simply not worth the money, or that it's beyond their budget.
The truth is however, insuring your business against disasters need not cost you an arm and a leg. People who automatically believe it's too expensive are essentially victims of misinformation, in that insuring your business in the UK has never been quite as affordable as it is now.
Let's say a fire breaks out on the premises. Are you able to pay for all the repair costs? Your office computer, your desk and your chair, would already set you back about a thousand pounds. What about anything else which was destroyed in the blaze. Can you replace it all out of your own pocket? In a worst case scenario, your actual business premises could be damaged beyond repair, meaning that they would need to be rebuilt from scratch. Unless you're incredibly wealthy, or unless you have good commercial business insurance, being able to rebuild from scratch would be highly unlikely.
So far in this article, we've only looked at property damage and loss of assets. If you have employees working for you, then this is of course something else you need to think about. What would happen if one or more of them got injured at work? We all know the answer to that one. They're going to claim compensation, and if you've been operating your business without commercial business insurance, you're going to find yourself dancing to some very unpleasant music as far as the law is concerned.
Does your business depend heavily on your delivery van? If so, what would happen if your van was involved in an accident, and as a result, it was out of service for a week? Could your business continue without any loss of earnings? Here again, if you have adequate business insurance in place, such incidents will have very little impact on your profits, as everything will be taken care of by the insurance company.
Now, let's take a look at the general public. A customer could slip on a bit of snow just as they reach the front door of your premises. If you're lucky, they simply get up, looking a little embarrassed. On the other hand, maybe it happens to an elderly person, which in turn could mean more serious injuries. Hospitalization can cost a small fortune, so just imagine how much money you would be required to pay. In fact, liability cover is probably one of the most important things to think about when you start a business, because as we all know, people will claim for anything nowadays if they're given half a chance.
No matter what type of business you have, getting the correct type of business insurance is an absolute must. Forget about fires and floods, because there are a thousand and one other things which could go wrong as well, and if you haven't got yourself covered, you could very well end up out of business for good.
by: Tom Jones
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