When you set up a small business, you tend to have a whole lot on your mind. You’re thinking about product concepts, brand names, website design, market research, contacting manufacturers… the list goes on and on. Bearing in mind that most small business owners set up alone and from their own homes, it’s not all too surprising that something like “business insurance” can be something that they don’t even think about or something that easily slips to the back of their mind. If this sounds like you, it’s important that you understand the importance of business insurance and are familiar with the different types of policy that you might want to take out as your business begins to grow and expand.
What Type of Insurance Do I Need?
The type of Insurance that you should consider taking out will largely depend on the type of business that you run and the individual risks that apply to it. To be entirely sure what you need, contact various insurance companies and simply ask. They will help you to determine which types of cover you could benefit from. Rather than opting for the first company that you reach out to, converse with various different agencies. This will help you to see which types of cover are more broadly recommended and thus which you should focus on more. It will also help you to determine the best policy and price available to you.
General Liability Insurance
The first type of insurance that you should seriously consider taking out is general liability insurance. Every business, no matter whether it is large or so small that it is operated entirely from home, needs this, as it provides cover and defence against damages that could be charged against your company (bodily and property), whether they were carried out by your company itself or any employees that you may have taken on.
Commercial Vehicle Insurance
As your business begins to grow, you’ll probably invest in a company car. This can help to get you from A to B without having to worry about public transport delays. It will also allow you to carry more items around with you, which is ideal if you are attending a conference, exhibition, or trade show. Remember that your company car needs to be insured if you or your employees intend to take it on public roads. If you have employees and they have their own cars that are not provided by you, you should consider non-owned policies.
Sure, insurance may not be the most progressive sounding aspect of business ownership. But taking it out can help to save you a whole lot of money and hassle in the long run. So, take out the aforementioned policies sooner rather than later!