There are many things you do not want to happen to your business, top of the list of course is going bust, which of course you will spend all your time and efforts on preventing.
Coming a close second will be the wish for your business not to suffer some calamity that causes a massive interruption to your trading, and consequently your profits.
Back in 2007, we had what was alledged to be a summer. You will remember that parts of the UK, in particular Hull and Gloucestershire, had the worst flooding in living memory. Unfortunately, there is nothing you can do about such an event. The only possibel step you can take to protect your business is to have an up to date, sensible disaster plan. One of the mainstays of a disaster plan, is adequate office insurance. The reason being that you can plan away to your hearts content, but at some point your business could suffer a disaster which only a good quality small business insurance policy is goign to provide the help you need.
We all know that your office needs to insure it’s assets and liabilities. But, you need to ensure that any policy you take out, however cheap it is, includes business interruption, consequential loss or, as an alternative, increased cost of working insurance.
Standard business interruption insurance, should, include an amount, usually around 20% of the overall sum insured, to pay to get your business up and trading as soon as possible. The BI cover will kick in for your lost income, but you also need insurance to, for example, rent an alternative office for three months including all IT kit you need. No-one wants to just sit back and take the insurance payout because, the longer you are out of action the more your customers are likely to go elsewhere.
If however, your small business insurance policy for your office provides good quality business interruption cover, youc customers may only notice a temporary blip in the dealings with you and will stay. If they cannot get through, cannot speak to you and importantly, cannot buy from you, they will go elsewhere.