Creating the business of your dreams from the ground up means there is not only blood, sweat and tears around this business, but there is a dying need to keep it protected at all times. Whether it be protection from a key person’s unforeseen circumstances, a lawsuit, fire or even protection from suppliers not paying. Any of these factors can halt your business’s growth but at the same time, they can be the reason why small businesses fail so often.
Skipping on insurance could be the demise of any business but it affects small businesses so much because they rely greatly on the small wins they have so for them to be taken away can affect the whole business.
So you might be wondering which insurance policies would work for your small business. We’ve compiled together a list of policies that could be relevant and of use to a range of small business types. We hope you are both inspired and protected after today.
Standard Insurance Policies
Property Insurance
Although a lot of small businesses are online now in the digital age, that doesn’t mean all your small-time businesses, whether they are office-based or physical stores, shouldn’t be protected from general things, whether it be fires, floors or damage. Things happen all the time, especially when life is unpredictable, Taking out property insurance can keep you protected from a range of incidents that would be devastating.
For example, by having property, if a fire takes over, you are essentially left with nothing but rubble. Having money to buy a new place and cover everything you lost would allow you to get back on the horse in no time.
Business Interruptions
Whether it is a key person having an accident and you can’t do half of the day-to-day anymore, even a power outage or even a supply chain disruption, many policies cover this rare but definitely possible outcome.
Key man insurance: this policy can protect you from any key individual in the business not being able to return to work due to unforeseen circumstances. This means you can keep the business afloat while trying to find a replacement.
Supply chain insurance: this could be anything from exports to standard credit insurance policies; this protects you from disruptions in your supply chain.
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Beyond Basic Insurance Policies
While this is completely dependent on the industry you are in there are still additional and non-traditional policies that you should not only know about but consider for the future security of your small business.
Cybersecurity Threats
Data breaches and hackers are definitely not new to the game so when you are running your business with your computer or you hold a lot of sensitive information or even passwords. In the case that someone was to hack and steal anything of value having some form of cyber insurance will keep you protected but also could offer you tools to give you the best chance of it not happening in the first place which would be ideal.
Nothing is ever for certain especially when it comes to cyber threats. Multi-millionaire companies with high skilled professionals keeping their sites safe from cyber threats have been hacked including NASA by a young boy. Everything is possible so it’s never too late to take the right and safer steps forward.
Employee Related Risk
If you are a small business but have a number of employees it might be better safe than sorry to incorporate employee insurance policies into your expenditures. This could cover anything from worker compensation for workplace accidents.
As mentioned above while you might have safety measures already in place that does not mean that it could happen to anyone. Workplace protection is not only a great way to cover costs when an employee is unable to work but can prevent any lawsuits in place. This would work best for those small businesses where you are likely to see accidents whether it’s warehouses or small retail shops.
Don’t Let Your Dreams Become Dust
You’ve already worked so hard to achieve all of your goals and for it all to be taken away due to a natural disaster or workplace accident it just isn’t worth it. While it might be intimidating the long list of insurance policies for some small businesses they might not even be applicable. Finding a company that prioritises executive life insurance and everything that comes with it is the best bet, you might be able to find a company that could offer you protection from an array of angles.
Be sure to do any research before taking out any policies and please read the small print. It’s not worth paying and then, when it comes to it, you aren’t guaranteed a payout. Whether it be key man insurance or cyber security policies that you take out, make sure you take that step today.