Taking care to ensure every type of insurance is considered and bought for the business can be one of the best decisions of a business leader’s life. We have all heard of fires in industrial premises – batteries suddenly bursting into flames when in a recycling warehouse for example. Commercial buildings cover would be expected to meet the cost of the resulting rennovations. This policy would voer the business vehicles if damaged by the same event. Legal costs cover will cover the costs of legal defense. A matter for the defence is the the cover for the event full stop. Other risks can be covered such as if your business is sued for negligene or mistakes made in the advice or services provided by your company. Cyber insurance – data breaches ae a very common threat nowadays. Thieves have the audacity and knowledge to very quickly access systems and select the sctors they want to meddle in and it can take well over 12 months to turn the damage around and put a positive spin on the outcome. Another hefty consideration would be Employee related issues such as an employee hurting themselves badly whilst on your premises or carrying out work on a customers property.
Business insurance does cover a huge number of topics and it is critical that an entrpreneur understands the bare minimu he will need – this will most likely include public liabilities insurance. This cover pays legal liabilities for injury or damage to their property occuring as a result of your company and damage to them or their property as a result of poor advice or services supplied by your company.
