Why Business Insurance Is So Crucial For Businesses Of All Sizes
Thousands of people all over the UK have successfully started up a small home run
business with virtually no capital, and today they are earning a relatively good income because of it. Most businesses will however require a considerable amount of money to be invested, particularly in the early stages.For example, you may need to purchase suitable premises before you can even begin. Then comes the likes of a delivery van, materials and equipment, and of course the list goes on and on. Obviously, the more money you invest, the more need you'll have for reliable cover against unforeseen calamities.
The only way any business owner can truly protect themselves fully against all eventualities is by having good commercial business insurance. This is even more crucial if your business will be in direct contact with members of the public.
Fires have destroyed many businesses over the years, as have floods. Fires make short work of a building and its contents, and even when fire services have managed to prevent a building from being totally destroyed, damage usually amounts to thousands and thousands of pounds, and that doesn't even include the loss of other assets which were being kept on the premises. If your premises went up in flames, and all your stock and merchandise got destroyed in the blaze, are you financially capable of picking up the bill? What happens if there were people injured as a result of the fire, will you be able to settle any claims for compensation. This is exactly why you shouldn't even contemplate being without commercial business insurance.
Let's say you run a small guest house and one of your customers falls asleep with a cigarette. Before long the smoke detectors start sounding as the building begins to fill with smoke. People panic, and run for the exits, with others stumble around in a confused state of mind. Within minutes the flames are consuming everything in their path. The fire services arrive and before long, the fire is extinguished.Now, that unruly guest who caused the fire is certainly not going to put up his hand and admit to the wrong doing, and neither is he going to offer to pay for all the damages. Have you got adequate insurance for your guest house? Did you ever make sure your business was properly insured? If not, then I guess your dream is over.
In fact, if one or more guests got injured, and they decide to file a claim, you yourself may end up being a guest in a state sponsored guest house. That's right; you could end up serving time, because as a business owner, it's your responsibility to ensure you have sufficient liability cover in place.
Floods are another reason for concern, especially nowadays, considering just how frequent they're becoming in the UK. While floods rarely have the destructive power fires do, the can still cause extensive damage and loss of life.
Having good cover is simply a must nowadays. What's been discussed in the article is just the tip of the iceberg. After all, we haven't even touched on things such as commercial van insurance for example, all of which go together to make up commercial business insurance.
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