If you are starting out on your own business venture, or if you are already established, there is a lot of capital, energy and time invested in building your business. And no matter how cautious you are, some circumstances are out of your control. Small businesses are particularly vulnerable when it comes to unexpected events, so deciding on the right cover is vital to protecting the future of your business.
The right business insurance cover will transfer your risks, protecting the business against loss or damage arising from an unforeseen insured event and/or accidental damage. However, there isn’t one universal policy for all businesses, many factors will contribute to your insurance requirements such as the type of business, sector, industry and size. A real estate agency, builder, restaurant and artist all face very different risks.
TYPES OF COVER FOR SMALL BUSINESSES
Property Damage: helps protect a business from the financial losses associated with accidental loss or damage to its property and assets.
Liability: provides protection from claims of negligence resulting in bodily injury or damage to another person’s property, and the legal costs related to disputes.
Business Interruption: helps cover lost income due to a variety of disasters, such as fire or storm. It may also cover losses due to interruption of business operations, including a natural disaster or an unexpected event.
Workers’ Compensation: provides payments to employees who are injured while on the job.
Related post: What are The Main Types of Business Insurance?
BENEFITS OF HAVING APPROPRIATE INSURANCE FOR YOUR SMALL BUSINESS
1. Personal Protection: having robust insurance in place is integral for the protection of your personal assets and finances which could be at risk if your business is not able to continue to trade following an unforeseen event. This can be the difference between your small business surviving and closing its doors.
2. Risk Transfer: by carrying the right types of coverage and having adequate limits, you have the confidence in knowing the insurable risks inherent with your business activities are carried by your insurer(s), rather than your balance sheet.
3. Business Focus: knowing that you have the appropriate insurance protection in place allows you to focus on your core business activities, profitability and growth initiatives.
4. Attractive investment opportunity: potential investors will view your business as a reliable and secure one when they know that you have insurance coverage in place. This will ensure their investment is secured.
HOW WE CAN HELP
Having appropriate insurance in place can make or break a business. It provides protection from various legal and financial risks, as well as saving time, money, and headaches down the road if something unexpected were to occur.
Westside Insurance Specialists can help you put in place a comprehensive insurance program for your small business. Our specialist insurance advisers will work with you to define your risk exposures, design a robust insurance program and deliver cost-effective insurance solutions meeting the specific objectives of your small business. Contact us today.
Important Information
This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice.
We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.
