If you’re just about to start your own business, or have been trading for a while, one of the many questions you must ask yourself is, do I have the right policy in place?
Business insurance is very important, for two reasons.
Firstly, there are certain types of cover, such as employers liability insurance, that you must have by law. Whilst we sometimes moan in the UK about too much bureaucracy and too many laws, the vast majority are there for a reason. EL cover is laid down in statute to ensure that if employees are injured, and cannot work, that they are fairly recompensed if their employer can be proven negligent.
Secondly, your business, in most cases, is your livelihood. If you do not look after it, then you can find yourself in a sticky situation. You will of course do all you can, day in, day out, to make your business safe and to aim for the Holy Grail of profitable growth.
But, there are some things that you cannot legislate for and cannot protect yourself from. A hurricane storm that destroys your building, or a fire in a neighbouring property that spreads to yours, is nothing that you can control.
For these type of events, you need to have business insurance in place. It may not be a legal requirement, but it is a sensible and prudent step to take.
We have seen the Conservative and Liberal Democrat coalition emergency budget and whilst there is a lot of pain to come, at its core is to increase the entrepreneurial spirit in the UK.
Hopefully, over the coming years more and more businesses will be formed and will prosper. All of them need to have a policy in place that protects them against the unexpected, unplanned and uncontrollable events.
To get yourself a quote, the first and only step you should take is to speak to an independent professional, a business insurance broker. You do not have to see them, a telephone call or contact and correspondence online is sufficient. But make sure that they are able to obtain quotes from more than one insurer, otherwise how do you know you are getting a good deal?