man with the umbrella

There can be nothing more soul-destroying than plowing all of your savings into a new business, building it up into a successful enterprise, and then seeing everything you have worked for disappear overnight.

If you are a business owner, then one of the first things you should consider is a good business insurance policy to protect against devastating financial loss.

Who needs business insurance?

If you own a business or are a contractor, then you are strongly advised to consider buying business insurance. There are various types of business insurance, so it’s important to sit down and work out exactly what you need to protect against losses and ensure your business can continue to operate in times of difficulty.

What risks does business insurance protect against?

This is a tricky question to answer, as there are so many different types of business insurance. However, here are some examples of the cover that is available to business owners:

  • Product and public liability – Product liability insurance covers your business in the event that a product that has been designed, supplied or manufactured by your business causes harm. Public liability covers you in scenarios such as a person falling on your premises.

  • Business interruption – If your normal business operations are put in jeopardy, business interruption insurance will make up for the loss of cash flow and fall in profits.

  • risk blocks falling on a man

    Property – Property insurance provides protection in the event that your business premises are damaged, such as by fire, theft, flood or a natural disaster such as an earthquake.

  • Personal accident – Business personal accident insurance protects your business in the event that a key member of staff dies as a result of an accident or is seriously disabled.

  • Commercial vehicle insurance – This type of insurance covers vehicles that are used by your business for loss or damage. It also covers you in the event that one of your business vehicles causes damage to others.

  • Glass – Businesses such as shops and restaurants can be attractive targets for opportunistic thieves, particularly if they have extensive glass frontages. Make sure that you have business glass cover so that any broken windows – and accompanying signage – can be replaced without financial loss.

Business insurance is a wise investment

The more successful and sizeable your business becomes, the more you as a business owner will have to lose. This means that whatever the size of your enterprise, purchasing business insurance is likely to be one of the most sensible decisions you will make. Think carefully about the options that are available and make sure you buy business insurance that is right for you.

Remember to review your business insurance needs regularly

time for a review

Even if you assess your business insurance needs before buying protection, it’s important to reassess your circumstances on a regular basis. Particularly if your business is in the early stages of growth, things could change pretty dramatically over the course of 12 months.

What seemed adequate to begin with may rapidly leave you under-insured. For this reason, you should make it a regular task to check that your business insurance coverage is suitable.