So, you’ve started your own business. Things are going well, but you’re worried you’re forgetting something important – Insurance. No matter how small your business is, there is always the possibility that you’ll need cover. So, it’s better to be safe than sorry.
However, understanding what insurance your business needs is a minefield. Especially if you’re entirely new to the business. This is why this post should show you the easy way to find insurance for your company and which policies you need.
Register your company
If you’re ahead of the curb and looking for insurance before even launching your company, you first need to register.
Without registering your business as a legal entity, you won’t be able to apply for insurance.
Registering is a simple process but may take a few days to be accepted by your local government.
Find a quote
Quotes have no strings attached. You’re not expected to sign up for the first policy you find, so take your time and get as many quotes as you want.
Quotes can be provided online, over the phone or in store. Feel free to ask plenty of questions about what the policy will cover and a breakdown of the price.
Some companies may see your business as a potentially high-risk client, depending on where you’re based and the industry you work in. Other companies might not. So, it’s good to get a breakdown of costs to see which policies are working to fully protect you.
If you’re concerned, you’re going to make the right choice; you can always seek advice from an insurance broker like KBD Insurance. These guys will know exactly which policies are the real deal and aren’t worth the time.
Choosing insurance
Once you’re equipped with all your quotes, a broker (or other businesses owner) will be able to give you a little guidance on any areas you won’t be covered for and the types of insurance you’ll need. Below are 5 types of insurance you might want to consider:
Business property insurance
This will cover your business premises and anything inside – from machinery and computers to stock. So, if your assets are damaged in theft, flooding, fires, or natural disasters, this insurance will help.
Commercial general liability
If your business is found to have caused physical damage to a third party (either a person, a property, or another object), you could find yourself in a lawsuit. Again, CGL insurance will help to cover the cost of damages if you end up in a tight spot.
It even covers those cases where you don’t think you’re at fault – for example, a malfunctioning product from your brand injures a person.
Cyber Insurance
Those with plenty of confidential data and online systems will certainly need cyber insurance to cover your losses in the event of a security breach or cyber-attack.
Business interruption
Like the pandemic, sometimes events mean you have to close up shop – with the decision completely out of your hands. If your business has to stop, this policy can help you pay admin staff, make up profit losses and keep you afloat until you’re back open.
Professional liability
Finally, there’s professional liability.
While your commercial liability insurance protects you when your business causes physical damage, what happens when a client claims your advice has led them into a bad situation?
Professional liability insurance is exactly what you need to ensure your expertise, recommendations, and knowledge doesn’t end up coming back to haunt you.
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