Article by Tom Jones
As a business person you need to consider your insurance options carefully. Some people try to cut corners on costs by having low or zero insurance cover where laws may permit them to, but that is simply a bad move.
Let’s say that you moved to the States and happened to live in a state where automobile (car) insurance was not required by law. Wouldn’t you agree that it would still be wise to carry it anyway?
Commercial business insurance needs to be carried and it needs to be carried to the extent that your policy fully covers your needs. It doesn’t matter what business you’re in. You must have insurance protection to prevent disaster and tragedy.
For example, consider trade insurance. You may be a builder, an electrician, or a plumber. The fact of the matter is that you typically work all day long on the property of other people, property which you are mostly or completely unfamiliar with. It doesn’t take much explaining for you to be able to imagine that this is risky business for yourself and for those you are working for.
If you have employees they share in and contribute to that risk. Trade insurance covers the unforeseen bad experience. If you are the one at fault it means that just because someone in your business made a bad mistake it isn’t going to put you out of business.
What if you are in the motor trade business? You might be a body repair shop, service shop, motor dealer, or sole trader running a business out of his home. Regardless of which it is, you have business insurance to consider: it could be combined motor trade insurance, car dealer insurance, road risks cover, or vehicle sales insurance.
How about if you are in the factory, workshop, and warehouse business? There are many different types of commercial insurance for you to consider:
* Public liability insurance * Employers’ liability insurance (this is mandatory by law anyway)* Goods in transit * Products liability * Property insurance * Trade stock * Professional indemnity* Contract works hired in plant * Business interruption * Personal accident* Own plant business equipment cover
Perhaps you have the enjoyment of running a bar or pub. Well, all of that fun and enjoyment comes with great responsibility. Just think of the many risks that your pub or bar is exposed to every day: theft; property damage; spoiled or damaged stock; drunkards getting out of control and doing harm to employees or patrons. There are insurance policies specially designed to cover these peculiar risks of the pub or bar business. You don’t want to be without such cover.
Are you in the hospitality business? If so then what about hotel, bed and breakfast, or guest house insurance? You have different guests coming and going all the time. You have foodstuffs to worry over and standards of cleanliness to maintain. Accidental and malicious property damage are just part of the business.
So, once again, do not cut cost corners on your commercial business insurance for any reason. Especially when there is no good reason to do so.
About the Author
If you’re looking for a quote on business insurance visit Swinton.