Nibletz Staff
Every business needs insurance – of that there is no doubt. But, not all insurance policies are the same. In fact, your policy will differ from the next business’s policy because you’re different. The only problem with this is that you need to ensure that you tailor your policy to suit your needs. If you don’t, and something nasty happens, the insurance company won’t pick up the bill. To make sure that doesn’t happen, here are a couple of the areas you need to cover in your policy.
Building Insurance
Most businesses have commercial business premises that they use to run their operation. If you are one of these businesses, you need to insure the building. The premises are open to a variety of threats from theft to water and fire damage. Of course, you can invest in water and fire protection and anti-theft security to limit your exposure. But, you also need a safety net should these precautions fail. If you work from home, make sure this is specified in the agreement. And, make sure you check who is responsible if you rent a property.
Business Content Insurance
Just like home content insurance, this protects you from any theft or damage to your contents. Depending on the type of business you run, you will have a variety of equipment and essentials. Regardless of the size, though, they still need insuring because they’re essential. Without them, your employees can’t do their work, and the business will suffer. When you draw up the terms, don’t sell yourself short with regards to the price. The quote should reflect the replacement price of the items.
Transit Goods
Content insurance doesn’t cover all of your goods. For example, goods in transit don’t come under the same policy unless you have specific cover. For any delivery services reading this, you need to ensure you have transit cover. Otherwise, you will have to bear the brunt of the loss and start over again. There’s a good chance you outsource your delivery service to a professional company. In that case, demand to see their insurance policy so that you know you’re covered in the event of any losses.
Employee Insurance
Sorry to be the bearer of bad news, but your staff is the reason you need specific cover. The dangers in the workplace are varied, and they can sue for the slightest fault. If that happens, you need to know that you won’t have to pay the bill. Damages can be substantial, and one successful lawsuit can destroy everything you have created. Liability insurance protects you against injury, illnesses and diseases in the workplace.
Public Liability Insurance
You also need to protect your business from the public. Can members of the general public walk in and out of your premises? If they can, you’re responsibility for their safety. As long as there are adequate signage and no major hazards, you should be fine. However, public liability insurance will cover the cost if someone does trip and fall.
