Today, insuring your business is more than just peace of mind; it builds trust that is decisive for the future growth of your business. Unfortunately, several business owners prioritize insuring their business on a lower scale.
You can practically get different types of insurance for your business. However, how can you figure out which one is the ‘right’ one? Well, some insurance policies you will have to take as required by the law. If you have staff, for instance, you will have to get employers’ liability insurance.
Apart from compulsory insurance, you can avail the following policies for your business:
Protection Insurance
Employees are undoubtedly your business’ valuable assets, and you need to care for your employees in dire circumstances. Illness and life insurance policies can allow your employees to take a sigh of relief that would cover unexpected severe illness or offer benefits in case of an employee’s departure.
Income protection policy, for instance, offers regular cash payments to an individual who is unable to work because of an accident. Several insurance policies, on the other hand, offer back-to-work support services to the employee until partial or complete recovery.
Property Insurance
The physical infrastructure of a business is more important than you think. Business owners are often not prepared to deal with unexpected property damage that halts the operational activities.
From flooding, theft, fire, subsidence, or burst pipes, property insurance can cover essential assets of your business. Although there is no mandatory legal requirement for property insurance, it is vital to your business’ survival.
Cyber Insurance
Businesses need to realize the fact that digital assets are as important as physical assets. The more technological advancements your business chooses to adopt, the more vulnerable you can become in the online space.
And this is where Cyber insurance can become crucial for your business to safeguard against malicious cyber attacks that might bring down your computer systems. Furthermore, cyber insurance can cover data breaches, cyber incidents, media liability, cyber extortion, and third-party cyber damage.
A 360o cyber security policy, for instance, can help you evaluate your cyber dangers to safeguard against a cyber incident or attack, and offers instant 24/7 support from cyber security specialists. These specialists can pinpoint the source of your breach and recommend preventive measures for the foreseeable future.
Conclusion
Whether its property protection or liability insurance, business owners should take measures to ensure the future of their company. Mostly, business insurance typically comes in the form of a package that amalgamates a variety of insurance policies for a single premium.
The best course of action for you would be to shop around until you find the perfect deal. And as much as getting a cheap policy might save you cost, but it should be the last thing on your mind. Though nobody can see the future, you can always prepare yourself for unforeseeable situations.
We can help with all of your business and personal tax and financial planning needs. For a strategic review of your finances, please contact us.
Disclaimer: We don’t take any responsibility for actions taken based on above information. Please speak to our consultants if you need more information. This guide was written specifically for Smart Accounting clients. Some of the information contained in this guide might not be applicable if you do not have a business managed by Smart Accounting. By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details are correct at time of writing.