It is so very tempting for a business owner to try leaving out various costs when he is trying to manage the books. Let’s face it, when you are struggling in those first few years to make the company pay its way, then some things like specialist insurance, or in fact any insurance, may seem like an unnecessary expenditure. Its something we pay out every year and unless we have a serious claim for anything, we never have to use it. Motor insurance is an irritating one. It’s hundreds per year but most of us pay year in year out and never have to claim. Luckly, but without the insurance we ar driving completely illegally and the consequences ar dire when caught. Ther is the small issue of ANPR which is a software on street cameras that flags up any vehicle registration number not logged on the national database as being insured.
They need a system like that for some business insurance! Public liability for example is usually a legal requirement in any business wher you are supplying a service or goods to others. It covers you for compensation claims from the public for damages or injury caused to them by your business. Another one for business owners/traders, Loss of Income insurance – the covers financial loss if your business is temporarily shut down due to unforeseen events like a fire or flood.
