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Types of insurance you need to protect your business

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Types of insurance you need to protect your business

If you own any business no matter the size, location or type it is quintessential you are covered by insurance. You can never predict what problems might happen to your business so being protected by insurance will offer you some financial security.  Insurance can be expensive, but what will be more expensive is the damages that will come by not having insurance.

Property insurance

If your business has a physical location and building this may be known as Commercial property insurance. Property insurance will ensure both your business assets, staff and to some extent customers are covered if anything goes wrong with your business building. Property insurance is crucial for any business as it will allow some financial security if your building starts to become dangerous or unsafe to work in. If you work from home, property insurance is still equally important as this will ensure both your personal and business assets are kept safe.

Flood insurance

Floods happen across the world. If you live in a high flood area it is crucial you are covered by some form of flood insurance.  Floods can ruin a business, not only due to the physical damages flooding can cause. Flooding can spread diseases which can lead to yourself and your staff to become illness which can put your business in an even worse state. Flood insurance will make sure the costs and damages of the flood doesn’t completely ruin the business, where you can clean the flood yourself this is dangerous due to the bacteria that spreads. To ensure the safest outcome for post flood restoration contacting an emergency cleaning company such as CleanSafe will ensure not only is your business up and running quickly, but is also safe for yourself, staff and customers.

Public liability insurance

Public liability insurance is the most common type of insurance taken out by small businesses. This covers many aspects but the most common ones are; covering you if someone/ something is damaged at your workplace, or if you damage another property while carrying out work. Public liability insurance comes in many different levels, which should be decided via the size of your business, the type of work your business does and who your business works with. Working with government agencies normally will require the highest level of insurance.

Employers’ liability insurance

Employer’s liability insurance is important once your business grows. If you work as a freelancer/ self-employed you will not require employers liability insurance yet, however it is definitely something you should be aware of for when your business employers a member of staff. This type of insurance will cover you for if anyone who is working for you is injured at work. Work based injuries are common, especially in manual industries it is important to do health and safety risk assessments which will not only keep your employees safe but also ensure your company’s insurance is a lower cost.

All types of insurance are important for all businesses. The most important factor of business is finance, insurance will make sure you are not financial doomed if the worst case scenarios do occur to your business. Your business location, size and industry will impact what type of insurance and how much cover you need. Talking to insurance experts and doing self-research will ensure you get the best possible cover to protect your business. In terms of pricing insurance can be expensive this is why using insurance comparison sites and looking around for the best possible price is crucial to ensure you’re not over paying for your insurance.

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